Rouble stable ahead of treasury bond auctions

Credit: REUTERS/MAXIM SHEMETOV

The Russian rouble was steady against the dollar on Wednesday, ahead of bond auctions by the finance ministry that can often buttress the currency.

MOSCOW, July 15 (Reuters) - The Russian rouble was steady against the dollar on Wednesday, ahead of bond auctions by the finance ministry that can often buttress the currency.

At 0717 GMT, the rouble was nearly unchanged against the dollar at 70.85 RUBUTSTN=MCX and was flat to trade at 80.80 versus the euro EURRUBTN=MCX.

The finance ministry is set to auction two series of OFZ treasury bonds maturing in 2024 and 2030 later on Wednesday, with an overall amount on offer at 100 billion roubles ($1.4 billion).

Demand for these bonds, which has been strong among foreign investors in recent months, serves as a gauge of global market sentiment towards Russian assets and can support the currency.

Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories. By 0653 GMT, prices for Brent crude oil LCOc1, a global benchmark for Russia's main export, were up 0.5% at $43.12 a barrel.

The market is eagerly expecting a meeting of the OPEC+ joint ministerial monitoring committee later on Wednesday, where it will recommend the next level of oil production cuts.

Russian stock indexes were trading lower.

The dollar-denominated RTS index .IRTS was down 0.4% to 1,212.0 points. The rouble-based MOEX Russian index .IMOEX was 0.6% lower at 2,727.4 points.

For Russian equities guide see RU/EQUITY

For Russian treasury bonds see 0#RUTSY=MM

(Reporting by Gabrielle Tétrault-Farber; Editing by Alex Richardson)

((Gabrielle.Tetrault-Farber@thomsonreuters.com;))

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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