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Markets

Russian rouble recovers as oil prices jump

The Russian rouble strengthened on Friday as oil prices headed for their biggest weekly gain in months. The tr
20 Sep 2019
  • The Russian rouble strengthened on Friday as oil prices headed for their biggest weekly gain in months.
  • The trade war between the U.S. and China returned to focus after the two countries resumed face-to-face talks on Thursday, the first in nearly two months.
  • The rouble was 0.2% stronger against the dollar at 63.84 and up 0.1% to 70.61 versus the euro.

MOSCOW: The Russian rouble strengthened on Friday as oil prices headed for their biggest weekly gain in months.

At 0730 GMT, the rouble was 0.2% stronger against the dollar at 63.84 and up 0.1% to 70.61 versus the euro .

Prices for oil, Russia's main export, were on track to rise more than 7% this week, after a Saudi Arabian supply hub was knocked out in an air attack last weekend.

Friday's rises came after a Saudi-led coalition launched a military operation north of Yemen's port city of Hodeidah, as the United States worked to build a coalition against Iran, which it blamed for the Saudi attack.

Brent crude oil was up 0.5% at $64.7 a barrel.

The trade war between the U.S. and China returned to focus after the two countries resumed face-to-face talks on Thursday, the first in nearly two months .

"In general, risk appetite in global markets can be described as mixed," said Mikhail Poddubsky, an analyst at Promsvyazbank.

The dollar-denominated RTS index was down 0.3% to 1,374 points. The rouble-based MOEX Russian index was 0.4% lower at 2,783 points.