At 0724 GMT, the rouble was 0.1% stronger against the dollar at 79.52 and also gained 0.1% to trade at 87.71 versus the euro . It firmed 0.3% against the yuan to 11.46 . The rouble strengthened on Tuesday as the Russian market reopened after a long weekend and continued to assess the rate outlook. The central bank held interest rates on Friday, but said it would consider more rate hikes. Potentially affecting the value of Russia's crude exports, oil prices sank about 5% to a five-week low on Tuesday on concerns about the global economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week. "Fundamentally, the rouble's position is strengthened by high oil prices recently and the reduced Urals discount to Brent," said Alor Broker analyst Alexei Antonov. "However, in the worst-case scenario, that is, oil falling below $70, the rouble will not hold." At the same time, he said a move to the next resistance level of 77.50 to the dollar was likely. Brent crude oil , a global benchmark for Russia's main export, was down 0.1% at $75.23 a barrel. Russian stock indexes were lower. The dollar-denominated RTS index was down 0.1% to 1,018.37 points. The rouble-based MOEX Russian index was 0.2% lower at 2,574.70 points. The finance ministry is due to hold two OFZ treasury bond auctions on Wednesday. (Reporting by Marina Bobrova; editing by Barbara Lewis)
MOSCOW, May 3 (Reuters) - The Russian rouble steadied on
Wednesday, hovering near 79.5 against the dollar, brushing aside
a slide in oil prices as traders awaited two government debt
auctions.
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