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Markets

Russian rouble steady ahead of US inflation data

  • Brent crude oil, a global benchmark for Russia's main export, was up 0.2% at $69.63 a barrel.
Published May 28, 2021

MOSCOW: Russia's benchmark stock index inched down after touching a record high earlier on Friday, while the rouble was largely unchanged against the dollar and euro as investors awaited US inflation data.

At 0857 GMT, the rouble was 0.1% weaker against the dollar at 73.53 and had lost 0.1% to trade at 89.65 versus the euro.

"The rouble could fall to as low as 73.8 versus the dollar, as demand for foreign currency is likely to rise ahead of the weekend," said analysts from Sberbank CIB in a note.

Investors awaited the monthly US personal consumption report due at 1230 GMT to gauge inflationary pressure in the world's biggest economy, while the prospect of massive US federal spending was also in focus.

The New York Times reported on Thursday that President Joe Biden will seek $6 trillion in federal spending for the 2022 fiscal year, a day before the White House is expected to unveil its budget proposal.

Meanwhile, Microsoft Corp said on Thursday that the Nobelium group, which originates from Russia and was behind the SolarWinds cyber attack, is now targeting government agencies, think tanks, consultants, and non-governmental organizations, which could dampen appetite for Russian assets.

Brent crude oil, a global benchmark for Russia's main export, was up 0.2% at $69.63 a barrel.

The dollar-denominated RTS index was down 0.1% to 1,601.3 points, earlier touching its highest mark since January 2020. The rouble-based MOEX Russian index was 0.1% lower at 3,737.0 points, earlier reaching a record high of 3,752.80.

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