RUSSIAN ROUBLE RISES ON HIGHER OIL PRICE, WEAKER DOLLAR
Monday, 19 December 2016 14:28
MOSCOW: The Russian Rouble strengthened early on Monday, lifted by higher oil prices and a weaker U.S. dollar.At 0729 GMT, the Rouble was 0.5 percent stronger against the dollar at 61.78 and had gained 0.3 percent to trade at 64.65 versus the euro.
Brent crude oil, a global benchmark for Russia's main export, was up 0.5 percent at $55.5 a barrel in anticipation of tighter global crude supply following a recent decision by OPEC and other producers to cut output.Russian share indexes were mixed following strong gains last week.
The dollar-denominated RTS index was up 0.1 percent to 1,136 points, while the Rouble-based MICEX was 0.1 percent lower at 2,228 points."We note that expectations for a rise in oil prices and relatively low market valuations ... are conducive to ending the year around current maximum levels,"
Promsvyazbank analysts said in a note on Russian stocks.Russian assets have risen strongly in recent weeks after the OPEC/non-OPEC deal to cut oil output and Donald Trump's U.S. election win last month.
Some analysts think Trump will adopt a more friendly tone towards Russia that could see Western sanctions imposed on Russia over the Ukraine conflict eased.
Source link: http://www.brecorder.com/markets/fx...-rises-on-higher-oil-price-weaker-dollar.html
