MOSCOW: The Russian rouble continued to weaken against the US dollar on Wednesday but was flat against China’s yuan, reflecting the global weakness of the Chinese currency and the dollar’s strength.

By 0900 GMT, the rouble was flat at 13.35 against the yuan in the over-the-counter (OTC) market, according to data compiled by LSEG. It was down 0.67% to 97.35 against the dollar, after falling to 99.12 on Tuesday, the lowest since October 2023.

Trading in yuan at the Moscow Stock Exchange (MOEX) continued as usual on the third day after the expiry of a licence from the US Treasury Department’s Office of Foreign Assets Control (OFAC) that allowed banks to deal with MOEX.

The easing of mandatory forex sales requirements to 25% of all foreign trade revenues from 50% previously, announced by the government on Oct. 11, was a factor in the rouble’s weakness against all major currencies, traders said.

Western sanctions, introduced on the Moscow Stock Exchange (MOEX) and its clearing agent, the National Clearing Centre, on June 12, stopped all trade in dollars and euros at MOEX, making China’s yuan the most-traded foreign currency in Russia.

Russian rouble mostly unchanged against US dollar

Trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data.

The rouble strengthened 0.5% to 105.86 against the euro , LSEG data showed.

Brent crude oil, a global benchmark for Russia’s main export, was flat at $74.30 a barrel, supported by OPEC+ cuts, after a sharp fall in recent days.