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

MOSCOW, March 3 ― The Russian rouble opened lower today despite buoyant oil prices, as demand rose for foreign currencies.

At 0740 GMT, the rouble was 0.33 per cent weaker against the dollar at 75.56 and had lost 0.9 per cent to trade at 80.17 versus the euro. It had shed 0.55 per cent 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 per cent at US$84.62 (RM379) a barrel.

Russian stock indexes were mixed.

The dollar-denominated RTS index was down 0.22 per cent to 940.51 points. The rouble-based MOEX Russian index was 0.10 per cent higher at 2,256 points. ― Reuters