MOSCOW, Dec 27 (Reuters) - The Russian rouble weakened
against the U.S. dollar on Friday after the central bank
announced it will withdraw some support for the currency in the
first working week of 2025 after the New Year's break.
The rouble was down 0.5% at 100.50 against the
dollar by 0800 GMT, over-the-counter market data showed. The
Russian currency weakened 0.25% to 13.44 against China's yuan in
trading on the Moscow Stock Exchange.
The central bank said it will reduce its net forex sales by
almost 60% from Jan. 9 under its complex scheme of foreign
currency operations both to ensure supply on the domestic market
and to act on behalf of the finance ministry.
"This indicates a winter stabilisation of the situation and
the damping of exchange rate volatility following the extreme
turbulence at the end of autumn," BCS brokerage analysts said.
After the rouble tumbled to its lowest mark in around 2-1/2
years in November as a result of new U.S. financial sanctions,
the central bank moved in to prop up the rouble by deferring
purchases of foreign currency on behalf of the finance ministry.
The rouble regained much of the lost ground since then and
stabilised around 100 to the dollar, the level seen by the
market as the new equilibrium for the Russian currency.
One-day rouble/dollar futures, which trade on the Moscow
Stock Exchange and are a guide for the over-the-counter exchange
rate, were up 0.4% at 101.42. The Russian central bank set an
official exchange rate at 99.23 to the dollar.