Russian Rouble Holds Steady Amid Thin Market Conditions

The Russian rouble remained stable against the dollar but gained strength against China's yuan ahead of anticipated foreign currency sales by exporting companies. This follows a shift to the over-the-counter market post Western sanctions on the Moscow Exchange. The rouble showed mixed performance against various currencies.

The Russian rouble held its ground against the dollar while gaining strength against the Chinese yuan on Thursday in a significantly thin market, anticipating foreign currency sales by exporters at the end of August. By 0745 GMT, the rouble was steady at 91.50 to the dollar, based on LSEG data.

Major currencies trading shifted 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, effective June 12. One-day rouble-dollar futures on the Moscow Exchange, which guide OTC market rates, fell 0.11% to 89.87.

The central bank set the official exchange rate, derived from OTC data, at 90.69 to the dollar. Analyzing OTC market data, the rouble appreciated by 0.4% to 12.06 against the yuan, now Moscow's most traded foreign currency. It edged down 0.1% to 102.11 against the euro according to LSEG data. Meanwhile, Brent crude oil, Russia's main export benchmark, dipped 0.2% to $75.94 a barrel amid concerns over global demand.

(With inputs from agencies.)