Russian rouble weakens, support expected from higher forex sales
MOSCOW, Oct 7 (Reuters) -The Russian rouble weakened against the U.S. dollar and Chinese yuan on Monday but was expected to receive support from increased net sales of foreign currency by the state later in the session.
At 0800 GMT the rouble was down 0.8% at 13.55 against the yuan on the Moscow Stock Exchange. The rouble RUB= was down 0.9% at 95.80 against the dollar, LSEG data showed.
Russia's net daily sales of yuan will bounce back to the equivalent of 5.3 billion roubles ($55.9 million) from Oct. 7, following a finance ministry announcement last week, after hitting a historic low last month.
Low sales of the Chinese currency were one of the factors behind the rouble's weakness in September and contributed to a yuan liquidity crunch.
"In October, we do not expect further weakening of the rouble, instead, we predict stabilisation around the current levels or even a slight strengthening," Sinara analysts said.
Trading in major currencies in Russia has shifted to the over-the-counter (OTC) market, obscuring price data, since Western sanctions on the Moscow exchange and its clearing agent, the National Clearing Centre, were introduced on June 12.
The sanctions also made the Chinese yuan the most traded foreign currency in Russia.
One-day rouble-dollar futures, which trade on the Moscow exchange and are a guide for OTC market rates, were down 0.6% at 95.81. The central bank's official exchange rate, which it calculates using OTC data, was set at 94.87 to the dollar.
The rouble was down 0.97% at 105.29 against the euro EURRUB=, LSEG data showed.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.8% at $78.66.
Reporting by Gleb Bryanski; Editing by Kirsten Donovan
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