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Rouble stabilises, stocks rise as higher oil outbalances sanction fears

Reuters2021-03-30

MOSCOW, March 30 (Reuters) - The Russian rouble was steady on Tuesday and stock indexes inched higher as recovering prices for oil, Russia's key export, outweighed lingering concerns about new U.S. sanctions against Moscow.

At 0757 GMT, the rouble was 0.1% weaker against the dollar at 75.76 , away from 2021 low of 76.98 hit last week.

Against the euro, the rouble was 0.1% stronger at 88.90.

Russian assets have been under pressure since U.S. President Joe Biden earlier this month said his Russian counterpart, Vladimir Putin, would "pay a price" for efforts to meddle in the 2020 U.S. presidential election, allegations Moscow denies.

The geopolitical premium paid for the rouble remains significant. In early 2020, when oil prices, one of the main drivers of the rouble's exchange rate, were near current levels of around $65 a barrel, the rouble stood at around 61 to the dollar and 68 against the euro.

"Players await news on the U.S.' threat of sanctions against Russia – draconian measures considered remote, given fallout for non-Russia actors, but the jury is out," BCS brokerage said in a note.

Brent crude oil , a global benchmark for Russia's main export, was up 0.2% at $65.13 a barrel, lending support to Russian stocks.

The dollar-denominated RTS index was rose 0.4% to 1,474.1 points. The rouble-based MOEX Russian index was 0.4% higher at 3,543.6 points, moving towards a record high of 3,602.18 touched earlier this month.

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Comment5

  • crystalzyp
    ·2021-03-30
    Good
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  • Lala321
    ·2021-03-30
    [微笑] [微笑] 
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  • DukeAlan
    ·2021-03-30
    Like and comment please
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  • ChemGoh
    ·2021-03-30
    Leggo
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    • Jeph
      Leggo
      2021-03-30
      Reply
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  • ToTheMOON
    ·2021-03-30
    Lime and comment thanks 
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