June 23, 2021

UPDATE 1-Rouble steadies near 73.5 vs dollar, MOEX hits record high

(Adds detail, updates prices)

MOSCOW, May 26 (Reuters) – The Russian rouble steadied on Wednesday, showing little reaction to government bond auctions, while the MOEX stock index hit a new record high amid a recovery in oil prices.

At 1233 GMT, the rouble was flat on the day at 73.49 remaining stuck in the 73-74 range for more than a week.

Versus the euro, the rouble was 0.1% firmer at 89.93 , compared with levels of about 80 a year ago.

The rouble is at risk of seeing downside pressure from Russian company dividend payments as shareholders usually prefer to convert their proceeds into foreign currency.

“This will weigh on the rouble, and we see it softening to 74 by the end of the week,” Sberbank CIB said in a note.

The rouble shrugged off two successful auctions of OFZ Treasury bonds in which the finance ministry raised a cumulative 40 billion roubles ($544 million) with demand…

Read full article here: www.reuters.com