Russian rouble strengthens slightly after weakening in Monday's session
The Russian rouble strengthened slightly against the dollar on Tuesday after weakening a day earlier, the first day of trading following the government's move to loosen further mandatory foreign currency sales requirements for exporters.
By 1050 GMT, the rouble was 0.3% higher at 88.05 RUB= against the dollar.
Sanctions on the Moscow Exchange MOEX.MM and its clearing agent, the National Clearing Centre (NCC), led to a range of varying prices and spreads as trading shifted to the over-the-counter (OTC) market on June 14, obscuring access to reliable pricing for the Russian currency.
On Monday, the central bank also announced it will suspend the publication of trade volume data from the over-the-counter market in order to "limit the impact of sanctions." Such publications have served as important guidance for traders, and the move will further decrease the market's transparency.
Foreign currency sales by Russian exporters are a key factor influencing the rouble's exchange rate. A requirement to sell 80% of foreign currency earnings was introduced to support the rouble in October 2023, and then reduced to 60% in June.
On July 13, the government lowered the requirements to 40%.
Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble was flat at 12.05, according to an analysis of the OTC market.
It was up 0.1% at 96.15 against the euro EURRUB=.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 0.7% at $84.28 a barrel on worries about a slowing Chinese economy crimping demand.
Reporting by Gleb Bryanski
Editing by Bernadette Baum
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