MOSCOW: High oil prices helped keep the Russian rouble broadly stable in early trade on Wednesday as the US dollar hit a five-month high against other major currencies, while Moscow stocks were mixed.
At 0749 GMT, the rouble was 0.03 percent stronger against the dollar at 62.31 and had lost 0.06 percent to trade at 73.81 versus the euro.
The dollar index versus a basket of six major peers strengthened and hit 93.457 overnight, its highest since Dec. 22, when the benchmark 10-year Treasury yield surged above 3 percent.
“Emerging markets were hit by a sharp rise in US Treasury yields and generally pessimistic sentiment spreading towards the group,” Aton brokerage said in a note.
But the rouble was supported by prices for oil, Russia’s major export, which hit $79.47 per barrel on Tuesday before slipping to around $78 on Wednesday amid ample supply.
Brent crude oil, a global benchmark, was down 0.57 percent at $77.99 a barrel, a small correction after a long rally in recent months.
Russian stock indexes were mixed.
The dollar-denominated RTS index was up 0.2 percent to 1,1181 points. The rouble-based MOEX Russian index was 0.07 percent lower at 2,335 points.
Source: Brecorder
