Thursday, 02 July 2015 13:50
MOSCOW: Russia’s rouble edged higher early on Thursday, reversing some of its losses from the previous session, as traders switched focus from Greece’s debt crisis to US data later in the day.
At 0740 GMT, the rouble was around 0.5 percent stronger against the dollar at 55.57 and 0.4 percent higher at 61.43 versus the euro.
Market volumes were relatively thin as Russia starts to enter the holiday season when many traders are away from their desks.
The rouble has been hurt in recent days by investor risk aversion linked to Greece’s missed debt repayment to the International Monetary Fund, as well as continuing central bank forex purchases to replenish the country’s reserves.
Those factors have been countered, currency dealers say, by forex sales by exporters, who are selling dollars throughout the month, rather than just during the end-of-month tax period.
The Russian currency could be pressured later in the session by US data from durable goods to nonfarm payrolls.
Payrolls data are likely to set the tone for the dollar and ripple through emerging-market currencies, including the rouble, partly because it will give an indication as to when the Federal Reserve could raise interest rates.
Analysts at Rosbank said in a note the data was likely to add to the picture of an improving US economy and strengthen the case for a rate rise, hurting the rouble.
Russian share indexes were slightly lower on Thursday.
The dollar-denominated RTS index was down 0.1 percent to 929 points, while its rouble-based peer MICEX traded less than 0.1 percent lower at 1,639 points.
