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Russian slips against dollar and yuan, rises vs euro
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Russian slips against dollar and yuan, rises vs euro
Oct 18, 2024 12:57 AM

MOSCOW, Oct 18 (Reuters) - The rouble weakened slightly

against the U.S. dollar and the Chinese yuan, continuing an

eight-week weakening trend, but strengthened against the euro,

with some support for the Russian currency expected towards the

end of the month.

By 0730 GMT, the rouble was down by 0.4% at 97.10

against the U.S. dollar and down by 0.2% at 13.36

against China's yuan, according to data compiled by LSEG.

Western sanctions, imposed on the Moscow Stock Exchange

(MOEX) and its clearing agent, the National Clearing Centre, on

June 12, stopped all trade in dollars and euros at MOEX, making

China's yuan the most-traded foreign currency in Russia.

Trade in dollars and euros has shifted to the

over-the-counter (OTC) market, obscuring price data.

Analysts said the currency would be supported by an expected

central bank's rate hike on Oct. 25, increased sales of yuan by

the state, and increasing currency sales by exporters in order

to pay their taxes in roubles at the end of the month.

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

exchange and are a guide for OTC market rates, were up 0.14% at

96.2. The central bank's official exchange rate, which it

calculates using OTC data, was set at 97.15 to the dollar.

The rouble strengthened 0.1% to 105.44 against the euro

, LSEG data showed.

Brent crude oil, a global benchmark for Russia's

main export, was up 0.5% at $74.82 a barrel, but still headed

for its biggest weekly loss in more than a month.

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