The Russian ruble weakened through 80 against the dollar, stocks were mixed

Analysts don’t expect the ruble to weaken further, with the month-end tax payment….

MOSCOW (Armfalcon.com) – The Russian ruble fell back in early trade Thursday, shaking off gains made late in the previous session against the dollar, hurt by strong local demand for foreign currencies and reduced activity by exporters in terms of converting earnings.

At 0739 GMT, the ruble was down 0.6 percent against the dollar to trade at 80.37 and had lost 0.5 percent to trade at 86.98 versus the euro. The Russian currency had also fallen 0.1 percent against the yuan to trade at 11.40.

Wednesday’s gains have bucked the trend of the recent session which has seen the ruble weaken from around 76 against the dollar last week to as far as 81.

Also read: The Russian ruble fell to its weakest level since late April against the dollar

Analysts don’t expect the ruble to weaken further, with month-end tax payments, which usually cause exporters to convert foreign-currency earnings to meet local obligations, approaching.

Brent crude, the global benchmark for Russia’s main export, fell 0.4 percent to trade at $76.66 a barrel.

Also read: The dollar rises on the back of optimism about the US debt ceiling talks, the Aussie falls

Russian stock index mixed. The dollar-denominated RTS index shed 0.1 percent to trade at 1,038.7 points. Russia’s ruble-based MOEX Index rose 0.6 percent to trade at 2,650.2 points.

Shares of dominant lender Sberbank rallied 0.8 percent after the bank reported a record quarterly profit.

source: www.antaranews.com

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