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Russian Rouble Holds Steady Versus Strengthening Dollar

The Russian rouble pared early losses to hold steady against a strengthening dollar on Tuesday, supported by firm oil prices and hopes over the global economic recovery.

At 0802 GMT, the rouble was stable against the dollar at 74.19 and had gained 0.4% to trade at 88.13 versus the euro.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.3% at $68.05 a barrel.

“The rouble may weaken to 74.5 per dollar against the backdrop of global dollar strengthening, but high prices for oil will continue to support the Russian currency,” said analysts from Sberbank CIB in a note.

Russian markets were closed on Monday for International Women’s Day.

Riskier assets gained support on Monday from U.S. Treasury Secretary Janet Yellen saying that President Joe Biden’s coronavirus aid package would provide enough resources to fuel a “very strong” U.S. economic recovery, and noting “there are tools” to deal with inflation.

Russian stock indexes were higher.

The dollar-denominated RTS index was up 1.6% to 1,470.1 points. The rouble-based MOEX Russian index was 1.4% higher at 3,461.8 points.

Reporting Alexander Marrow. Editing by Mark Potter

Source: Reuters

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