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MOSCOW: The Russian rouble firmed in early trade on Thursday, pricing in the dollar’s retreat on the global market and shrugging off a decline in oil prices to levels last seen in late August.
Shares in Russia’s largest lender Sberbank outperformed after the bank surprised the market by posting yet another record high quarterly profit.
The rouble gained 0.4 percent to 65.63 versus the dollar as of 0810 GMT, remaining in the range of 65.40-66.00 for the sixth day in a row.
“The rouble looks not bad from the fundamentals point of view. But given the current external conditions it is difficult for the rouble to rise (further), especially taking into account the looming long weekend,” said Dmitry Polevoy, chief economist at Russian Direct Investment Fund.
Russian markets will be closed on Monday, Nov. 5, for a bank holiday.
Against the euro, the rouble was little changed at 74.58 .
The rouble has largely ignored a drop in oil prices, pressured by signs of rising supply and by growing concerns that demand may weaken on the prospect of a global economic slowdown.
Brent crude oil futures, a global benchmark for Russia’s main export, were down 0.6 percent at $74.58 a barrel, their lowest since Aug. 23.
But the Russian stock indexes give in to pressure from lower oil prices.
The rouble-based MOEX index shed 0.2 percent to 2,348.3 , while the dollar-denominated RTS was up 0.1 percent to 1,127.0 points.
Shares in Sberbank were up 0.3 percent at 190.47 after its third-quarter results exceeded market expectations.
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Source: Brecorder
