Russian rouble weakens vs dollar following global FX trends
MOSCOW, Oct 23 (Reuters) -The Russian rouble fell against the U.S. dollar on Wednesday, following global foreign exchange trends, after Russian officials said the rouble's volatility was high but that the exchange rate was in line with the government's expectations.
At 0830 GMT, the rouble RUB= was down 0.9% at 96.65 against the dollar but up CNYRUB= 1.14% at 13.32 against China's yuan, according to data compiled by LSEG.
The dollar has climbed for three weeks to hit its highest since Aug. 2 in global markets.
In rare public comments on the exchange rate, Economy Minister Maxim Reshetnikov said on Oct. 22 that the rouble's current volatility was high, but that the rate remained in line with the government's expectations.
The rouble is expected to receive some support this week as the Russian central bank is widely seen hiking the key interest rate by 100 basis points to 20%, according to a majority of analysts polled by Reuters.
The rouble's official exchange rate has fallen 13% against the dollar since Aug. 6, when the Ukrainian army's incursion into Russia's Kursk region triggered a slide against all major currencies, including the yuan.
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 the 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.
One-day rouble-dollar futures, which trade on the Moscow exchange and are a guide for OTC market rates, were down 0.3% at 96.24. The central bank's official exchange rate, which it calculates using OTC data, was set at 96.59 to the dollar.
The rouble weakened 0.9% to 104.36 against the euro EURRUB=, LSEG data showed.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 0.26% at $75.56 a barrel.
Reporting by Gleb Bryanski
Editing by Mark Potter
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