Ruble hits highest level in nearly 15 months thanks to rising oil prices
MOSCOW, October 15 (Reuters) – The Russian ruble strengthened to its highest level in nearly 15 months and stocks hovered near all-time highs on Friday, bolstered by rising prices for oil, the country’s main export.
At 07:24 GMT, the ruble was 0.1% stronger against the dollar at 71.28 RUBUTSTN = MCX after hitting 71.23, its highest level since the end of July 2020. Against the euro, the ruble remained stable at 82.76 EURRUBTN = MCX, also close to the levels observed almost 15 months ago.
âRussia’s oil is even more important, supporting ‘Russia Inc’ trading even as other markets balk,â BCS Global Markets said in a note.
Oil prices climbed on Friday, heading for gains of more than 3% for the week, on growing signs of robust demand and tight supply over the coming months, as gas prices surge. and coal is an incentive to turn to petroleum products. WHERE
Rising gas prices could help ruble average 68.3 against the US dollar next year, 2.5% higher than previously thought, Sberbank CIB calculations .
The ruble may get additional support from monthly tax payments towards the end of the month, but the dividend season at the end of October could prompt some investors to convert ruble-denominated products into other currencies, putting pressure on them. on the ruble, said Otkritie Bank.
Brent crude oil
The Russian MOEX index based on the ruble .IMOEX was 0.3% higher at 4,270.6 points after hitting a record 4,292.68 points. The RTS index in dollars .IRTS rose 0.6% to 1,887.0 points.
Brokerage firm Freedom Finance said it expected the ruble to trade in a range of 71 to 72 against the dollar and the MOEX index to remain in a range of 4,250 to 4,300 on Friday.
For the guide to Russian stocks, see EF / EQUITY
For Russian treasury bills, see 0 # RUTSY = MM
(Reporting by Andrey Ostroukh; Editing by Emelia Sithole-Matarise)
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