The rouble was also up 1.1% against the euro to 82.64 and was 0.9% stronger versus the Chinese yuan at 10.87 . Analysts said sales of foreign currency by Russian exporters was boosting demand for the rouble. "Exporters have increased the supply of (foreign) currency. This is indicated by an increase in trading volumes, especially for the yuan-rouble pair," analysts at Sberbank CIB said.
"At the same time, there does not seem to be increased demand for foreign currency from foreign companies leaving Russia," they added. However, some analysts are still cautious over the currency's medium-term trajectory amid Western pressure on Russia's crucial energy exports. The finance ministry said on Wednesday that Russia posted a $44 billion budget deficit in the first four months of the year with energy revenues down 52% compared to the same period of 2022. Russian stocks advanced strongly. The dollar-denominated RTS index was up 2.3% to 1,077.1 points and the rouble-based MOEX Russian index was 1.6% higher at 2,588.1 points. For Russian equities guide see For Russian treasury bonds see (Reporting by Jake Cordell Editing by Christina Fincher)
