Russian rouble reverses losses

The Russian rouble bounced on Monday as oil prices rose and the central bank signalled smaller forex interventions this month, having earlier hit a near three-week low as dividend payments prompted recipients to convert roubles into foreign currency. The rouble slipped as the Moscow Exchange opened but had firmed 0.3% to 63.60 against the dollar by 1408 GMT. The Russian currency was 0.5% stronger against the euro at 71.34.
Russian stock indexes pared losses on Monday. The dollar-denominated RTS index was down 0.1% to 1,397 points, while the rouble-based MOEX Russian index was 0.5% lower at 2,821 points. "We are following other emerging markets in the absence of strong market flows," said a dealer at a major Russian bank, adding that the rouble is likely to continue trading in a narrow range on Monday.