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Russian rouble strengthens vs dollar on higher oil
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Russian rouble strengthens vs dollar on higher oil
Feb 11, 2025 2:22 AM

MOSCOW, Feb 11 (Reuters) - The Russian rouble

strengthened against the dollar and the Chinese yuan on Tuesday

with analysts saying that higher prices for oil and increased

forex sales by the central bank supported the Russian currency.

At 1000 GMT, the rouble was up 0.8% at 95.90 against

the dollar, according to data from the over-the-counter market.

The rouble weakened 0.9% to 12.99 against China's yuan on the

Moscow Stock Exchange (MOEX).

"The rouble has significantly strengthened amid the increase

in oil prices," Gazprombank analysts said. Oil prices extended

gains on Tuesday on concerns over Russian and Iranian oil

supply.

The rouble has strengthened by about 14% against the dollar

this year despite new U.S. energy sanctions, mainly on

expectations of easing tensions in the longer term between

Russia and the United States.

Reduced demand for the foreign currency from importers as

well as from a 17% increase in sales of the Chinese yuan by the

central bank as part of forex interventions also supported the

rouble.

One-day dollar/rouble futures, which trade on MOEX and serve

as a guide for the over-the-counter exchange rate, were down

0.7% to 97.28. The Russian central bank set the official

exchange rate at 96.78.

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