Rouble slides in thin trade, Russian stocks hit over 1-year high

Brent crude oil, a global benchmark for Russia's main export, was down 0.5% at $76.58 a barrel, giving up earlier gains. Russian stock indexes were higher, with the rouble-based MOEX index hitting its highest since April 5, 2022, up 1.7% on the day to 2,727.0 points.

The rouble slid towards 81 against the dollar late in the session on Monday as exporters paid monthly taxes, marking the loss of a support factor that could spell further rouble weakening amid lingering local demand for foreign currency.

By 1526 GMT, the rouble was 0.9% weaker against the dollar at 80.80 and had lost 1% to trade at 86.56 versus the euro. It had shed 0.8% against the yuan to 11.39. Month-end tax payments, which usually support the rouble as exporters convert foreign currency revenue to meet local liabilities, were due on Monday, while holidays in the United States and Britain led to lighter trade than usual.

Local demand for foreign currency is also hurting the rouble, as Russian importers shift supplies to the east from the west and new trading patterns emerge. Brent crude oil, a global benchmark for Russia's main export, was down 0.5% at $76.58 a barrel, giving up earlier gains.

Russian stock indexes were higher, with the rouble-based MOEX index hitting its highest since April 5, 2022, up 1.7% on the day to 2,727.0 points. Progress on the U.S. debt ceiling deal should boost risk appetite this week, boosting commodity prices that benefit Russian stocks, Sinara Investment Bank said in a note.

Russian firms announcing dividend payments is also driving the market, which should push higher unless geopolitics intervenes, Sinara added. The dollar-denominated RTS index was up 0.7% to 1,063.3 points.

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($1 = 77.7205 roubles)

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