Rouble retreats from two-week high, adjusting to oil price swings

Credit: REUTERS/ILYA NAYMUSHIN

The Russian rouble weakened on Thursday, falling from a two-week high it reached earlier this week as traders were pricing in a drop in oil prices on Wednesday, when the Moscow Exchange was closed for a public holiday.

MOSCOW, June 13 (Reuters) - The Russian rouble weakened on Thursday, falling from a two-week high it reached earlier this week as traders were pricing in a drop in oil prices on Wednesday, when the Moscow Exchange was closed for a public holiday.

At 0732 GMT, the rouble was 0.1% weaker against the dollar at 64.63 RUBUTSTN=MCX, weaker than Wednesday's 64.45. Versus the euro, the rouble gained 0.2% to 73.00 EURRUBTN=MCX.

The market closely watched oil prices, which surged on Thursday after two tankers apparently were attacked in the Gulf of Oman near the Iranian coast.

Brent crude oil LCOc1, a global benchmark for Russia's main export, rose 2.9% to $61.70 a barrel after falling as low as $59.57 on Wednesday.

The rouble fell after Wednesday's sell-off on the crude market, but decline could be limited by upcoming tax payments and companies' need to pay dividends, said Dmitry Polevoy, chief economist at Russian Direct Investment Fund.

The Russian central bank is set to meet on interest rates on Friday. A Reuters poll predicted a 25-basis-point cut to the key rate to 7.50%.

Russian stock indexes were down. The dollar-denominated RTS index .IRTS shed 0.4% to 1,337.5 points. The rouble-based MOEX Russian index .IMOEX was 0.3% lower at 2,742.3 points.

For Russian equities guide see RU/EQUITY

For Russian treasury bonds see 0#RUTSY=MM

(Reporting by Andrey Ostroukh, editing by Larry King)

((andrey.ostroukh@thomsonreuters.com; +7 495 775 1242;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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