MOSCOW, Dec 10 (Reuters) - The Russian rouble remained
stable against the U.S. dollar and the euro, strengthening
against China's yuan, after a period of volatility that followed
the U.S. financial sanctions imposed on Nov. 22.
By 0815 GMT the rouble was up 0.3% at 100.3 against the
dollar, according to over-the-counter market data from banks.
The rouble strengthened by 1.5% to 13.65 against the yuan in
trade on the Moscow Stock Exchange.
The strengthening against the yuan followed a 3.4% weakening
in yesterday's session in what analysts saw as the correction
after an over-selling of yuan by exporting companies. Yuan is
currently the most traded foreign currency in Russia.
The Russian central bank estimated in the report, published
on Dec. 9, that the Russian currency weakened by 11% against the
U.S. dollar and by 8.4% against China's yuan in November after
the sanctions were imposed.
The sanctions hit Gazprombank, Russia's third largest
lender, which handles payments for energy trade with Europe,
disrupting foreign trade transactions and the supply of foreign
currency to the Russian market.
The regulator said that as companies adjusted to the
sanctions and found new counterparts for transactions, pressure
on the rouble was expected to gradually decrease, with the
exchange rate guided by fundamental factors.
Trade in dollars and euros moved to the over-the-counter
market after Western sanctions in June targeted the Moscow Stock
Exchange. The central bank sets an official exchange rate for
both currencies based on data directly supplied by banks.
One-day rouble/dollar futures, which trade on the Moscow
Stock Exchange and are a guide for the over-the-counter exchange
rate, were down 1.2% at 100.63. The Russian central bank set an
official exchange rate at 99.38 to the dollar.