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Russian rouble advances vs dollar, euro in light holiday trade

Reuters · 01/06/2023 03:10
Russian rouble advances vs dollar, euro in light holiday trade

- Russia's rouble rose against the dollar and euro on Friday, as oil prices lifted during thin holiday trading.

The rouble gained 0.55% against the dollar RUBUTSTN=MCX to 71.79 ​​by 0735 GMT, and 0.86% against the euro EURRUBTN=MCX to 75.57​​.

The price of oil, Russia's main export, extended gains from the previous session amid hopes of growing demand from major oil importer China. Brent crude LCOc1 was last up 0.23% to $78.87 a barrel.

Russian stock markets were higher.

The dollar-denominated RTS index .IRTS was up 0.67% at 947.16, while the rouble-based MOEX Russian index .IMOEX was largely unchanged at 2,157.74.

Trading activity is expected to be low this week and recover to regular levels after Jan. 9, the end of Russia's New Year holidays.​

The rouble had a volatile year in 2022, slumping to a record low 120 per dollar in March soon after Russia shook markets by sending tens of thousands of troops into Ukraine, then recovering on the support of capital controls and a collapse in imports.

The imposition of a Western oil price cap and embargos hurt the rouble in December, but analysts expect the currency to remain relatively resilient in 2023 thanks to Russia's strong current account surplus.​​


(Reporting by Caleb Davis; Editing by Andrew Heavens)