Russian rouble flat vs US dollar, ignoring oil volatility
The Russian rouble was flat against the U.S. dollar as well as China's yuan on Wednesday, ignoring volatility in the oil market related to the conflict between Israel and Iran.
By 0950 GMT, the rouble traded at 78.35 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The Russian currency is up by about 45% against the dollar since the start of the year.
Oil prices climbed more than 1% on Wednesday, as investors assessed the stability of a ceasefire between Iran and Israel.
BCS brokerage analysts said domestic factors such as low demand for imports, tight monetary policy as well as forex sales by exporters ahead of the corporate tax payments deadline supported the rouble.
"However, in the longer term, these factors supporting the rouble and putting pressure on foreign currency exchange rates are likely to weaken," BCS analysts said.
Against the Chinese yuan, the most traded foreign currency in Russia, the rouble traded at 10.91 per yuan on the Moscow Stock Exchange.
(Reporting by Gleb Bryanski; Editing by Alex Richardson)
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