Russian Rouble Remains Steady Amid Central Bank Rate Decision Wait

The Russian rouble remained stable against the dollar ahead of a central bank rate decision expected on Friday. With sanctions affecting the Moscow Exchange, price variations and spreads are broadening. Meanwhile, Brent crude oil saw a slight increase, indicating some economic resilience despite ongoing challenges.

The Russian rouble was flat against the dollar on Monday in subdued trade ahead of a central bank rate decision at the end of the week. By 0730 GMT, the rouble was unchanged at 87.70 against the dollar.

The central bank's governor, Elvira Nabiullina, earlier said that the regulator's board will focus on the size of an interest rate increase during Friday's meeting. A more aggressive hike will support the rouble. Sanctions on Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), led to a range of varying prices and spreads as trading shifted to the over-the-counter (OTC) market on June 14, obscuring access to reliable pricing for the Russian currency.

Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble was also flat at 11.97, according to an analysis of the OTC market. The rouble weakened by 0.4% to 95.80 against the euro.

Brent crude oil, a global benchmark for Russia's main export, was up 0.4% at $82.94 a barrel.

(With inputs from agencies.)