Rouble steadies near 4-month peak vs dollar, MOEX hits record high
- The rouble was 0.1pc stronger against the dollar at 72.88 after touching 72.79, its strongest since Aug. 17.
MOSCOW: The Russian rouble firmed slightly on Monday, trading near four-month highs versus the dollar, and the benchmark MOEX stock index hit a fresh record high as oil prices climbed above $50 per barrel.
At 0737 GMT, the rouble was 0.1pc stronger against the dollar at 72.88 after touching 72.79, its strongest since Aug. 17.
Gains in Russian assets could be limited after reports that hackers believed to be working for Russia have been monitoring internal email traffic at the U.S. Treasury and Commerce departments, according to people familiar with the matter.
So far, Russian assets enjoyed support from a rise in oil prices on hopes that a rollout of coronavirus vaccines will lift global fuel demand.
Brent crude oil, a global benchmark for Russia's main export, was up 1.3pc at $50.61 a barrel.
If the oil price stabilises near current levels in the next 12 months, the rouble's fair value would be at 71 versus the dollar, Raiffeisen Bank analysts said.
But an FX liquidity shortage and capital outflows are seen hampering the rouble's strengthening, they said.
Against the euro, the rouble eased 0.1pc to 88.52.
"This week may prove whether recent optimism has been justified or not with a slew of events and economic statistics," BCS Brokerage said.
The market will be watching the approval of the U.S. election results on Monday, U.S. and Russian monetary policy meetings later this week, developments around Brexit, BCS said.
"This is not to mention the usual drivers of late - gradual roll-out of the COVID vaccine, oil prices and news on potential economic stimulus."
On the stock market, the rouble-based MOEX Russian index was 1pc higher at 3,310.1 points, having hit an all-time high of 3,313.94.
The dollar-denominated RTS index rose 1.3pc to 1,431.0 points, its highest since late February.