AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)
Markets

Rouble retreats from 2-1/2 month peak vs dollar

  • Versus the euro, the rouble was 0.2% weaker at 89.42.
Published May 31, 2021

MOSCOW: The Russian rouble on Monday slid lower from its highest since mid-March against the dollar, while the MOEX stock index withdrew from an all-time high despite a rise in oil prices.

At 0741 GMT, the rouble was 0.2% weaker against the dollar at 73.31, having hit 73.10 in early trade, its strongest since mid-March, excluding a short-lived move to 72 on the Moscow Exchange on May 7 that traders said was likely to be a trading error in thin holiday volume.

The rouble has returned to levels of mid-March seen before the beginning of the latest sell-off, as the market has priced in the latest wave of US sanctions against Moscow imposed in April. Investors are now bracing for a meeting of Russian and US leaders due on June 16 in Geneva.

Geopolitical risks have intensified again recently after Belarus, a close ally of Russia, scrambled a MiG-29 fighter plane to escort a Ryanair passenger down, and then arrested Roman Protasevich, an opposition blogger.

Western countries accused Belarus of piracy, while Russia said it will still move ahead with a second $500 million loan to Belarus next month.

The old geopolitical risks, such as those related to Ukraine and Nord Stream 2 gas pipeline, have been replaced by new or renewed ones such as Belarus, BCS Brokerage said.

Meanwhile, "economic growth and a stable oil price have been pitted against the risks of inflation and a resurging COVID outbreak - hardly an inspiring backdrop for the local market."

Versus the euro, the rouble was 0.2% weaker at 89.42.

"Today, US markets are closed for a public holiday, so trading activity is going to be low," VTB Capital said in a note.

Brent crude oil, a global benchmark for Russia's main export, was up 1.3% at $69.58 a barrel, which offered little help to the recently rallied Russian stock indexes.

The dollar-denominated RTS index was 0.1% lower at 1,602.8 points. The rouble-based MOEX Russian index shed 0.05% to 3,728.8 points after hitting an all-time high of 3,752.8 on Friday.

Comments

Comments are closed.