Russian Rouble Weakens Amid Low Market Activity
The Russian rouble has weakened against the U.S. dollar and China's yuan in a thin market. This shift follows Western sanctions on the Moscow Exchange. The central bank's official exchange rate set the rouble at 90.69 to the dollar and 12.23 to the yuan.
- Country:
- Russia
The Russian rouble experienced a slight weakening against the dollar and China's yuan on Wednesday during a thin market day. By 0745 GMT, the rouble had slipped 0.6% to 91.65 against the dollar, as per LSEG data.
Trading of major currencies has moved to the over-the-counter (OTC) market, making pricing data less transparent, following Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, which came into effect on June 12. One-day rouble-dollar futures on the Moscow Exchange, which serve as a benchmark for OTC market rates, were down 0.14% at 89.87.
The central bank set the official exchange rate, based on OTC data, at 90.69 to the dollar. Analysis of the OTC market revealed that the rouble weakened by 0.4% to 12.23 against the Chinese yuan, now the most traded foreign currency in Moscow. The rouble also fell by 0.5% to 101.93 against the euro. Brent crude oil, a key global benchmark for Russia's primary export, decreased by 0.1% to $77.07 per barrel amidst reports of increasing U.S. crude inventories and expectations of easing tensions in the Middle East.
(With inputs from agencies.)
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