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Russian rouble weakens vs dollar as Trump speaks with Putin
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Russian rouble weakens vs dollar as Trump speaks with Putin
Nov 11, 2024 1:02 AM

MOSCOW, Nov 11 (Reuters) - The Russian rouble weakened

against the U.S. dollar on Monday as local markets weighed the

prospects of a de-escalation in the war in Ukraine following a

conversation between U.S. President-elect Donald Trump and

Russian President Vladimir Putin.

By 0830 GMT, the rouble was 0.4% weaker against the dollar

at 98.00, according to LSEG data. On Nov. 6, the Russian

currency hit a more than one-year low against the dollar, as the

U.S. currency strengthened on global markets.

The rouble was flat against China's yuan at 13.73,

and weakened 0.2% to 107.68 against the euro. Analysts

noted an improvement with the yuan liquidity situation in

November following the shortage in the recent weeks.

Western sanctions imposed on the Moscow 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.

Trump spoke to Putin in recent days and advised him not to

escalate the Ukraine war, a source familiar with the

conversation told Reuters.

One-day rouble-dollar futures, which trade on the Moscow

exchange and are a guide for OTC market rates, were up 0.3% to

98.06. The central bank's official exchange rate, which it

calculates using OTC data, was last set at 97.83 to the dollar.

Brent crude oil, a global benchmark for Russia's

main export, was little changed at $74.05 a barrel after falling

more than 2% on Nov. 8.

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