off-the-wire

Russian rouble slides despite higher oil prices as demand for foreign currency rises

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 3 (Reuters) - The Russian rouble opened lower on Friday despite buoyant oil prices, as demand rose for foreign currencies. At 0740 GMT, the rouble was 0.33% weaker against the dollar at 75.56 and had lost 0.9% to trade at 80.17 versus the euro . It had shed 0.55% against the yuan to 10.92 . In a note, Bogdan Zvarich, chief analyst at Banki.ru, said the "change in the balance of supply and demand of foreign currency" was driving the weakening rouble.


Zvarich said he expected the dollar to remain above 75 roubles, and that it might post further losses, sliding towards 80. Brent crude oil , a global benchmark for Russia's main export, was down 0.15% at $84.62 a barrel.


Russian stock indexes were mixed. The dollar-denominated RTS index was down 0.22% to 940.51 points. The rouble-based MOEX Russian index was 0.10% higher at 2,256 points. For Russian equities guide see For Russian treasury bonds see (Reporting by Felix Light; Editing by Subhranshu Sahu)

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