Rate hike props up Russian rouble as oil prices tumble
MOSCOW, Oct 28 (Reuters) -The Russian rouble strengthened slightly against the U.S. dollar on Monday, supported by the central bank's rate hike last week and foreign exchange sales by exporting companies though gains were curbed by tumbling oil prices.
At 0830 GMT, the rouble RUB= was up 0.2% at 96.80 against the dollar and EURRUB= down by 0.2% at 105.22 against the euro. The currency was down 0.5% CNYRUB= at 13.44 against China's yuan.
Brent crude oil LCOc1, a global benchmark for Russia's main export, tumbled by over 4% to $72.92 a barrel after Israel's retaliatory strike on Iran over the weekend did not disrupt energy supplies. O/R
Russia's central bank hiked its key interest rate by 200 basis points on Oct. 25 to 21%, the highest level since 2003, saying that the move was needed to fight inflation, currently at 8.4%.
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 up 0.8% at 97.43. The central bank's official exchange rate, which it calculates using OTC data, was set at 96.67 to the dollar.
Reporting by Gleb Bryanski; Editing by Emelia Sithole-Matarise
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