Russian Rouble Rebounds Amid Light Holiday Trading

The Russian rouble strengthened against the dollar, recovering from a previous week's dip in light trade during a public holiday. Prices on the Moscow Exchange rose, despite sanctions that shifted trading to the OTC market. The rouble also gained slightly against China's yuan.

The Russian rouble showed signs of resilience against the dollar on Monday, marking a recovery from the previous week's losses during a period of light trading due to a public holiday in Russia until January 9. On the Moscow Exchange, one-day rouble/dollar futures rose by 0.9% to 100.53 by 0831 GMT, indicating a boost in the currency's value.

In the interbank market, the rouble improved by 2.7% to 107.50, regaining ground after hitting a near three-year low of almost 115 last Thursday. The dip was caused by sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), which led to varying prices in the over-the-counter (OTC) market and muddled access to consistent and reliable pricing data for the rouble since June 2024.

Meanwhile, the rouble also appreciated 0.9% to 13.67 against China's yuan in Moscow Exchange trading. This currency movement occurred as Brent crude, an important global benchmark for Russia's primary export, decreased by 0.4% to $76.17 a barrel.

(With inputs from agencies.)