MOSCOW: The rouble steadied against the dollar in over-the-counter (OTC) trading on Monday as the Russian market got to grips with new U.S. sanctions that forced Russia’s leading exchange to halt dollar and euro trading last week.
The sanctions on Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), ultimately led to a range of varying prices and spreads as trading moved OTC on June 14, obscuring access to reliable pricing for the Russian currency.
The rouble was 0.1% higher at 88.27 by 0759 GMT, according to a Reuters analysis of the OTC market. The euro was up 0.2% at 94.38.
Russia’s rouble mixed as market adjusts to US sanctions
The yuan, which was already the most traded currency with the rouble in Moscow, firmed 0.1% to 12.14.
On the interbank market, where liquidity can be low and major Russian banks that have been sanctioned by the United States cannot participate, the rouble traded at 88.55 against the dollar.
After a particularly volatile session on Thursday, the market has settled and the rouble is now stronger than before the sanctions were imposed, partly as dollar trading restrictions can provoke the sale of foreign currency for roubles.
The Russian currency is also buttressed by capital controls, interest rates at 16% and Russia’s strong current account surplus.
Brent crude oil, a global benchmark for Russia’s main export, was unchanged at $82.63 a barrel.
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