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Russian rouble weakens slightly amid low trade volumes
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Russian rouble weakens slightly amid low trade volumes
Jul 12, 2024 1:13 AM

MOSCOW, July 12 (Reuters) - The Russian rouble weakened

slightly against the dollar on Friday while trading volumes

remained low.

By 0730 GMT, the rouble was 0.3% lower at 87.25

against the dollar.

Sanctions on Moscow Exchange MOEX.MM and its clearing agent,

the National Clearing Centre (NCC), led to a range of varying

prices and spreads as trading shifted to the over-the-counter

(OTC) market on June 14, obscuring access to reliable pricing

for the Russian currency.

Central bank data published on Thursday showed Russia's

foreign trade surplus rising 19% year-on-year to $67.8 billion

in the first half of 2024. The regulator noted a "more

significant decrease in imports than in exports".

The rouble climbed to one-year highs in mid-June.

The central bank has singled out foreign trade operations as

the most important factor influencing the rouble exchange rate.

The Russian currency is still buttressed by capital controls and

state foreign currency sales.

Against the yuan, which had already become the most traded

foreign currency in Moscow before the latest sanctions were

imposed, the rouble weakened by 0.1% to 11.97, according to an

analysis of the OTC market.

It was down 0.7% at 95.18 against the euro.

Brent crude oil, a global benchmark for Russia's

main export, was up 0.5% at $85.91 a barrel, amid signs of

easing inflationary pressures in the United States, the world's

biggest oil consumer.

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