Russian rouble weakens 8.5% as dollar gains following Kursk attack
Corrects date in paragraph 3 to June 12, not July 12
MOSCOW, Aug 13 (Reuters) -The Russian rouble continued to weaken on Tuesday for the sixth consecutive trading session, following Ukraine's unexpected attack a week ago on Russia's Kursk region.
By 0800 GMT, the rouble RUB= was 1.6% weaker on the day at 92.50 to the dollar, according to LSEG data. It has lost 8.5% since the start of the attack on Aug. 6.
Trading in major currencies shifted to the over-the-counter (OTC) market, obscuring pricing data, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on June 12.
One-day rouble-dollar futures, which trade on the Moscow Exchange and serve as guidance for the OTC market rates, were down 0.4% on Tuesday to 89.60. During the previous day's trading, the futures lost 2.5%.
The central bank's official exchange rate, which it calculates using the OTC data, was set at 89.93 on Monday, about 6% weaker since the start of the attack.
The weakening of the rouble against the dollar and euro has continued despite support from higher oil prices and increased net daily sales of yuan by the central bank and finance ministry.
According to an analysis of the OTC market, the rouble weakened by 0.6% to 12.00 against the Chinese yuan, which has become the most traded foreign currency in Moscow. The rouble was at 12.00 to yuan for the first time since July 22.
It was down 2.4% at 101.90 against the euro EURRUB= for the first time since Feb. 23, breaking below the key level of 100 roubles to the European currency, according to LSEG data. The central bank's official exchange rate stood at 96.69 roublee to the euro.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 0.2% at $81.88 a barrel on concerns about demand after OPEC cut its forecast for demand growth in 2024.
Reporting by Gleb Bryanski; Editing by Bernadette Baum
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.