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Russian rouble gains against the dollar, rebounding after fall
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Russian rouble gains against the dollar, rebounding after fall
Aug 15, 2024 1:47 AM

MOSCOW, Aug 15 (Reuters) - The Russian rouble gained

against the dollar on Thursday, recovering partially from a

roughly 9% fall which began last week when Ukraine launched its

biggest attack on Russian territory since the start of the war.

By 0800 GMT, the rouble was 1.3% stronger at 88.60 to

the dollar, according to LSEG data. The rouble briefly touched a

10-month low against the dollar during trading on Aug 13.

Trading in major currencies shifted to the over-the-counter

(OTC) market, obscuring pricing data, after Western sanctions on

the Moscow Exchange and its clearing agent, the National

Clearing Centre, were introduced on June 12.

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

Exchange and serve as guidance for the OTC market rates, were

up 0.5% on Wednesday to 87.80.

The central bank's official exchange rate, which it

calculates using OTC data, was set at 90.01 to the dollar for

Thursday, recovering almost 3% compared to the rate set for

Wednesday.

The weakening of the rouble against the dollar and euro has

continued despite support increased net daily sales of yuan by

the Russian central bank and finance ministry as well as high

key interest rate.

Russian exporters, whose sales of foreign currency to make

tax payments usually support the rouble, are also largely absent

from the market at the moment as the payments are not due until

later in August.

Currency traders told Reuters that the remaining foreign

banks in Russia were the main sellers of the rouble during the

past week.

According to an analysis of the OTC market, the rouble

strengthened by 0.4% to 11.90 against the Chinese yuan, which

has become the most traded foreign currency in Moscow. During

Aug. 13 session, the rouble touched its lowest level against the

yuan since June 24.

It was up 0.49% at 98.29 against the euro on

Wednesday, according to LSEG data.

Brent crude oil, a global benchmark for Russia's

main export, was up 0.21% at $80.20 a barrel, supported by

optimism that potential U.S. interest rate cuts will boost

economic activity and fuel consumption.

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