March 18 (Reuters) - The Russian rouble firmed on
Monday, recovering from three-month lows against the euro and
yuan, a day after President Vladimir Putin won a record
post-Soviet landslide in Russia's election, cementing an
already-tight grip on power.
By 0804 GMT, the rouble was 1% stronger against the dollar
at 91.96, recovering from 93.4350 in early trade,
its weakest point since Feb. 9.
It gained 1% to trade at 100.18 versus the euro
and firmed 1% against the yuan to 12.75
, having earlier fallen to its lowest since late
December against both currencies.
The rouble had weakened steadily in the week leading up to
the election, but the ultimate impact on the Russian market was
limited.
"The rule is that when the voting results are widely
expected and perceived by investors as certain, market reaction
is usually muted," said Bartosz Sawicki, market analyst at
Conotoxia fintech.
Sawicki said Russia's isolation due to nonexistent hard
currency capital flows was also suppressing market moves.
Alor Broker's Alexei Antonov said the market could get a
post-election boost from risk-averse investors increasing
purchases of Russian assets.
Brent crude oil, a global benchmark for Russia's
main export, was up 0.6% at $85.87 a barrel.
Russian stock indexes were mixed.
The removal of political uncertainty after Putin's election
win will be a factor in the Russian stock market's favour in
early trading, said Veles Capital analyst Elena Kozhukhova.
The dollar-denominated RTS index was up 0.9% at
1,129.3 points. The rouble-based MOEX Russian index was
0.1% lower at 3,296.3 points.
Shares in TCS Holding, owner of Russian online
bank Tinkoff, fell more than 5% to a 10-month low soon after the
market's opening, as Moscow trading resumed after the company
redomiciled to Russia from Cyprus.
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