Russian rouble strengthens vs dollar ahead of central bank rate decision
MOSCOW, Oct 22 (Reuters) -The Russian rouble strengthened against the U.S. dollar but weakened against China's yuan on Tuesday ahead of an anticipated rate hike at the central bank's Oct. 25 board meeting.
At 0930 GMT, the rouble CNYRUB= was down 0.26% at 13.47 against the yuan, and RUB= up 0.4% at 96.40 against the dollar, according to data compiled by LSEG.
The Russian central bank is expected to hike the key interest rate by 100 basis points (bps) to 20%, the same level as at the start of what Russia calls its "special military operation" in Ukraine, according to a majority of analysts polled by Reuters.
Western sanctions, imposed on the Moscow Stock Exchange (MOEX) and its clearing agent, the National Clearing Centre, on June 12, stopped all trade in dollars and euros at MOEX, making China's yuan the most-traded foreign currency in Russia.
Trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data. The Russian rouble has been mostly weakening against all major currencies in September-October, approaching the 100 mark against the dollar.
One-day rouble-dollar futures, which trade on the Moscow exchange and are a guide for OTC market rates, were up 0.4% at 96.43. The central bank's official exchange rate, which it calculates using OTC data, was set at 96.09 to the dollar.
The rouble strengthened by 0.1% to 104.58 against the euro EURRUB=, LSEG data showed.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.88% at $74.73 a barrel.
Reporting by Gleb Bryanski
Editing by Mark Potter
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