Rouble weakens past 77 against dollar as oil prices drop

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 12 (Reuters) - The rouble weakened past 77 against the dollar on Friday as oil prices continued to drop, but demand from Russian exporters accumulating roubles to pay upcoming dividends capped losses. Brent crude oil , a global benchmark for Russia's main export, was down 0.89% to $74.31 a barrel as of 0800 GMT amid worries about fuel demand in China and the United States. The rouble fell 0.37% versus the dollar to 77.18, and weakened 0.16% against the euro to 84.23. Against the Chinese yuan - which has become an increasingly important currency pair for the Russian economy over the last year - the rouble was down 0.44%. The rouble has recouped some of its losses in recent weeks after coming under heavy selling pressure in April, but analysts remain cautious about its medium-term trajectory. The finance ministry on Wednesday said that Russia posted a $44 billion budget deficit in the first four months of 2023 as Moscow continued to spend heavily and energy revenues plunged. Russian stock markets were lower. The dollar-denominated RTS index was down 1.61% at 1,047.43. The rouble-based MOEX Russian index declined 1.08% to 2,567.21. For Russian equities guide see For Russian treasury bonds see (Reporting by Caleb Davis; Editing by Sonia Cheema)
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