MOSCOW, April 11 ― The Russian rouble weakened today, edging back towards the 82 mark against the US dollar amid heightened demand for foreign currency, while stocks surged to a near one-year high with the support of higher oil prices.
The Russian currency accelerated a months-long slide last week, tumbling to a one-year low at 83.5 against the dollar, on a lack of foreign currency in Moscow and the sale of Western businesses in Russia.
At 0725 GMT, the rouble was 0.4 per cent weaker against the dollar at 81.96 and had gained 0.6 per cent to trade at 89.36 versus the euro. It had shed 0.3 per cent against the yuan to 11.89.
“This week, we expect the Russian currency to remain under pressure and continue to fluctuate in the 80/$-83/$ corridor, but still consider the depreciation as temporary,” said BCS World of Investments in a note.
The rouble has also been harmed by the recovery in imports, while at the same time Western price caps and embargoes on Russian energy products have decreased foreign currency inflows.
Brent crude oil, a global benchmark for Russia's main export, was up 0.7 per cent at US$84.8 (RM374.35) a barrel.
Russian stock indexes were mixed.
The dollar-denominated RTS index was down 0.3 per cent to 981.3 points. The rouble-based MOEX Russian index was 0.2 per cent higher at 2,552.1 points, earlier hitting its strongest point since April 12, 2022. ― Reuters
