Russia’s Rouble stabilises around 91 against Dollar during holiday trade

Russia’s Rouble in focus: The Russian Rouble remained close to the 91-Dollar mark on Monday, maintaining the moderate gains achieved over the past two sessions. 

Limited market activity prevailed due to ongoing public holidays in Russia until January 9.

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As of 07:47 GMT, the Rouble displayed a marginal 0.1 per cent weakening against the Dollar, reaching 91.05, while holding steady against the Euro at 99.62. 

Concurrently, it strengthened by 0.1 per cent against the Yuan to 12.64. The global benchmark for Russia's primary export, Brent crude oil, experienced a 1.1 per cent decline, settling at $77.93 per barrel.

Following the Rouble's recent slide to 100 against the Dollar in October, a presidential decree mandating exporters to convert a portion of their foreign currency revenue has provided support. 

Additionally, heightened interest rates, raised to 16 per cent last month, have contributed to stabilizing the Russian currency. 

In December, the central bank announced daily foreign currency sales of 11.8 billion Roubles ($129.6 million), supplementing its monthly operations conducted on behalf of the finance ministry—a measure reinforcing the Rouble.

Russian stock indexes demonstrated positive movement, with the Dollar-denominated RTS index rising 0.2 per cent to 1,090 points. 

Simultaneously, the Rouble-based MOEX Russian index experienced a 0.5 per cent increase, reaching 3,150.9 points, marking its highest level since early December.

(With Reuters Inputs)