AIRLINK 188.50 Decreased By ▼ -1.02 (-0.54%)
BOP 12.70 Decreased By ▼ -0.07 (-0.55%)
CNERGY 7.27 Increased By ▲ 0.11 (1.54%)
FCCL 42.60 Increased By ▲ 0.48 (1.14%)
FFL 15.40 Decreased By ▼ -0.14 (-0.9%)
FLYNG 25.24 Increased By ▲ 0.05 (0.2%)
HUBC 133.39 Increased By ▲ 3.30 (2.54%)
HUMNL 14.40 Increased By ▲ 0.08 (0.56%)
KEL 4.76 Increased By ▲ 0.09 (1.93%)
KOSM 6.35 Decreased By ▼ -0.16 (-2.46%)
MLCF 49.44 Increased By ▲ 2.50 (5.33%)
OGDC 210.48 Increased By ▲ 7.73 (3.81%)
PACE 6.42 Decreased By ▼ -0.02 (-0.31%)
PAEL 42.80 Increased By ▲ 1.66 (4.04%)
PIAHCLA 16.91 Decreased By ▼ -0.12 (-0.7%)
PIBTL 8.94 Increased By ▲ 0.23 (2.64%)
POWER 10.71 Increased By ▲ 0.01 (0.09%)
PPL 178.01 Increased By ▲ 5.80 (3.37%)
PRL 35.21 Increased By ▲ 0.44 (1.27%)
PTC 25.02 Increased By ▲ 0.17 (0.68%)
SEARL 96.80 Increased By ▲ 0.08 (0.08%)
SILK 1.11 Increased By ▲ 0.01 (0.91%)
SSGC 31.85 Increased By ▲ 1.27 (4.15%)
SYM 17.65 Decreased By ▼ -0.24 (-1.34%)
TELE 8.36 Decreased By ▼ -0.04 (-0.48%)
TPLP 11.90 Increased By ▲ 0.01 (0.08%)
TRG 63.26 Decreased By ▼ -0.09 (-0.14%)
WAVESAPP 11.58 Decreased By ▼ -0.05 (-0.43%)
WTL 1.48 Decreased By ▼ -0.02 (-1.33%)
YOUW 3.98 Decreased By ▼ -0.07 (-1.73%)
AIRLINK 188.50 Decreased By ▼ -1.02 (-0.54%)
BOP 12.70 Decreased By ▼ -0.07 (-0.55%)
CNERGY 7.27 Increased By ▲ 0.11 (1.54%)
FCCL 42.60 Increased By ▲ 0.48 (1.14%)
FFL 15.40 Decreased By ▼ -0.14 (-0.9%)
FLYNG 25.24 Increased By ▲ 0.05 (0.2%)
HUBC 133.39 Increased By ▲ 3.30 (2.54%)
HUMNL 14.40 Increased By ▲ 0.08 (0.56%)
KEL 4.76 Increased By ▲ 0.09 (1.93%)
KOSM 6.35 Decreased By ▼ -0.16 (-2.46%)
MLCF 49.44 Increased By ▲ 2.50 (5.33%)
OGDC 210.48 Increased By ▲ 7.73 (3.81%)
PACE 6.42 Decreased By ▼ -0.02 (-0.31%)
PAEL 42.80 Increased By ▲ 1.66 (4.04%)
PIAHCLA 16.91 Decreased By ▼ -0.12 (-0.7%)
PIBTL 8.94 Increased By ▲ 0.23 (2.64%)
POWER 10.71 Increased By ▲ 0.01 (0.09%)
PPL 178.01 Increased By ▲ 5.80 (3.37%)
PRL 35.21 Increased By ▲ 0.44 (1.27%)
PTC 25.02 Increased By ▲ 0.17 (0.68%)
SEARL 96.80 Increased By ▲ 0.08 (0.08%)
SILK 1.11 Increased By ▲ 0.01 (0.91%)
SSGC 31.85 Increased By ▲ 1.27 (4.15%)
SYM 17.65 Decreased By ▼ -0.24 (-1.34%)
TELE 8.36 Decreased By ▼ -0.04 (-0.48%)
TPLP 11.90 Increased By ▲ 0.01 (0.08%)
TRG 63.26 Decreased By ▼ -0.09 (-0.14%)
WAVESAPP 11.58 Decreased By ▼ -0.05 (-0.43%)
WTL 1.48 Decreased By ▼ -0.02 (-1.33%)
YOUW 3.98 Decreased By ▼ -0.07 (-1.73%)
BR100 12,026 Increased By 161.7 (1.36%)
BR30 36,105 Increased By 784.7 (2.22%)
KSE100 114,330 Increased By 1529.2 (1.36%)
KSE30 35,612 Increased By 576.2 (1.64%)

The Russian rouble weakened on Tuesday in thin Christmas holiday trading after oil prices fell heavily and Russian stocks tumbled amid a global sell-off. Oil prices plunged to their lowest level in more than a year, fuelled by investor fears of a global economic slowdown. Brent crude oil futures, the global benchmark for Russia's main export, fell 6.19 percent to $50.49 a barrel on Monday putting downwards pressure on the Russian currency.
At 0737 GMT, the rouble was 0.45 percent weaker against the dollar at 68.90 and had lost 0.55 percent to trade at 78.60 versus the euro.
Despite the fall in oil prices, the rouble's losses in the previous session were limited due to month-end tax payments, analysts at VTB Capital said in a note.
"Today this support may remain. Moreover, (forex) sales can be supported not only by planned taxes, but also by payment of export duties, pre-New Year bonuses, bonuses and expectations of a long weekend," said Dmitry Polevoy, chief economist at the Russian Direct Investment Fund.
Local month-end tax payments usually prompt export-focused companies to convert their forex revenues into roubles in order to meet local duties, which supports the rouble.

Copyright Reuters, 2018

Comments

Comments are closed.