Russian rouble weakens as Moscow Exchange relaunches early FX session

The Russian rouble weakened on Monday as the Moscow Exchange resumed its early morning session for the first time since late February, with the market preparing for the finance ministry to return to the debt market with OFZ treasury bond auctions. At 0644 GMT, the rouble was 0.3% weaker against the dollar at 60.78 and had lost 0.8% to trade at 61.43 versus the euro.


Reuters | Moscow | Updated: 12-09-2022 12:42 IST | Created: 12-09-2022 12:35 IST
Russian rouble weakens as Moscow Exchange relaunches early FX session
Representative Image. (Photo Credit - Reuters) Image Credit: ANI
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  • Russian Federation

The Russian rouble weakened on Monday as the Moscow Exchange resumed its early morning session for the first time since late February, with the market preparing for the finance ministry to return to the debt market with OFZ treasury bond auctions.

At 0644 GMT, the rouble was 0.3% weaker against the dollar at 60.78 and had lost 0.8% to trade at 61.43 versus the euro. The rouble on Monday was expected to continue trading within a 60 to 61 target range against the greenback, Promsvyazbank analysts said in a note.

"There are no drivers seen on the FX market," Promsvyazbank said. Market players are keeping an eye on the finance ministry's planned restart of weekly auctions of its OFZ bonds later in September to test the market's appetite with limited volumes on offer.

Russia suspended borrowing through OFZ bonds, which it uses to plug budget holes, in February, weeks before it started what it calls a "special military operation" in Ukraine, which triggered unprecedented Western sanctions against Moscow. Currency markets opened at 0350 GMT. The Moscow Exchange is also set to bring back the evening session on its stock market, which will run until 2050 GMT.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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