MOSCOW: The Russian rouble gained against the dollar on Thursday, recovering partially from a roughly 9% fall which began last week when Ukraine launched its biggest attack on Russian territory since the start of the war.
By 0800 GMT, the rouble was 1.3% stronger at 88.60 to the dollar, according to LSEG data. The rouble briefly touched a 10-month low against the dollar during trading on Aug 13.
Trading in major currencies shifted to the over-the-counter (OTC) market, obscuring pricing data, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on June 12.
One-day rouble-dollar futures, which trade on the Moscow Exchange and serve as guidance for the OTC market rates, were up 0.5% on Wednesday to 87.80.
The central bank’s official exchange rate, which it calculates using OTC data, was set at 90.01 to the dollar for Thursday, recovering almost 3% compared to the rate set for Wednesday.
The weakening of the rouble against the dollar and euro has continued despite support increased net daily sales of yuan by the Russian central bank and finance ministry as well as high key interest rate.
Russian exporters, whose sales of foreign currency to make tax payments usually support the rouble, are also largely absent from the market at the moment as the payments are not due until later in August.
Currency traders told Reuters that the remaining foreign banks in Russia were the main sellers of the rouble during the past week.
According to an analysis of the OTC market, the rouble strengthened by 0.4% to 11.90 against the Chinese yuan, which has become the most traded foreign currency in Moscow.
Russian rouble mostly unchanged against US dollar
During Aug. 13 session, the rouble touched its lowest level against the yuan since June 24.
It was up 0.49% at 98.29 against the euro on Wednesday, according to LSEG data.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.21% at $80.20 a barrel, supported by optimism that potential US interest rate cuts will boost economic activity and fuel consumption.