Russian rouble strengthens vs dollar on higher oil
The Russian rouble strengthened against the dollar and the Chinese yuan on Tuesday with analysts saying that higher prices for oil and increased forex sales by the central bank supported the Russian currency.
At 1000 GMT, the rouble was up 0.8% at 95.90 against the dollar, according to data from the over-the-counter market. The rouble weakened 0.9% to 12.99 against China's yuan on the Moscow Stock Exchange (MOEX).
"The rouble has significantly strengthened amid the increase in oil prices," Gazprombank analysts said. Oil prices extended gains on Tuesday on concerns over Russian and Iranian oil supply.
The rouble has strengthened by about 14% against the dollar this year despite new U.S. energy sanctions, mainly on expectations of easing tensions in the longer term between Russia and the United States.
Reduced demand for the foreign currency from importers as well as from a 17% increase in sales of the Chinese yuan by the central bank as part of forex interventions also supported the rouble.
One-day dollar/rouble futures, which trade on MOEX and serve as a guide for the over-the-counter exchange rate, were down 0.7% to 97.28. The Russian central bank set the official exchange rate at 96.78.
(Reporting by Gleb Bryanski, editing by Ed Osmond)
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