MOSCOW: The Russian rouble strengthened slightly against the dollar and the euro on Tuesday due to continued strong sales of foreign currency by exporting companies.
By 0730 GMT, the rouble was 0.1% higher at 86.10 against the dollar.
Trading in major currencies shifted to the over-the-counter market, obscuring the pricing data, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on July 12.
Sales of foreign currency by Russian exporting companies, which increase during periods of corporate tax payments that must be made in roubles, are a major factor influencing the currency trade.
The rouble received some support from the central bank’s decision to raise its key interest rate by 200 basis points to 18% last Friday.
Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble weakened 0.5% to 11.84, according to an analysis of the OTC market.
Russian rouble mostly unchanged against US dollar
It was up 0.1% at 93.44 against the euro.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.3% at $79.54 a barrel on concerns about demand in China, the world’s largest crude importer.
Comments