Russian rouble up

The rouble opened stronger on Monday, helped by rising oil prices after OPEC and allies led by Russia agreed to a record cut in output to prop up crude prices, though the coronavirus pandemic continues to haunt the Russian market.

The oil producer group, known as OPEC+, agreed on Sunday to reduce output by 9.7 million barrels per day (bpd) for May and June after four days of talks and following pressure from US President Donald Trump to arrest the price decline.

At 0740 GMT the rouble was up 0.3% against the dollar at 73.51, moving away from a four-year low of 81.97 hit in mid-March.

Versus the euro, the rouble was 0.3% up at 80.53. The rouble continues to gain support from the central bank, which has been selling foreign currency from state reserves since March. Last Thursday it sold 13 billion roubles ($172 million) of foreign currency, its data showed on Monday.

Russian stock indexes were weaker as coronavirus cases continue to rise, denting hopes that the lockdown imposed in many regions of the country will soon be lifted. The dollar-denominated RTS index shed 1.1% to 1,128.8 points while the rouble-based MOEX Russian index was 1.7% down at 2,631.1 points after rising since early April.