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Russian rouble remains under pressure from weaker FX sales by exporters
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Russian rouble remains under pressure from weaker FX sales by exporters
Jul 5, 2024 1:27 AM

MOSCOW, July 5 (Reuters) - The Russian rouble traded

around 88 against the dollar on Friday and is likely to remain

under continued pressure from lower currency sales by exporters

after they completed their rouble tax payments.

Sanctions on the Moscow Exchange 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.

By 0735 GMT, the rouble was 1.1% higher at 88.00

against the dollar.

The average dollar-rouble mixed composite rate, calculated

by LSEG and based on data from international brokers and

counterparties, stood at 88.16.

The rouble has weakened for five sessions in a row,

coinciding with reduced foreign currency supply from exporters

who usually convert FX revenues into roubles to meet local

liabilities towards the end of each month.

Against the yuan, which had already become the most traded

foreign currency in Moscow before the latest sanctions were

imposed, the rouble lost 0.2% to 12.02, according to an analysis

of the OTC market.

It was up 0.4% at 95.82 against the euro.

Brent crude oil, a global benchmark for Russia's

main export, was down 0.2% at $87.60 a barrel.

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