Russian Rouble Sees Slight Strength Amid Subdued Trading

The Russian rouble showed a slight increase against the dollar, trading at 87.90 by 0750 GMT on Wednesday. Sanctions have caused varied prices and limited access to reliable pricing. The central bank cited international payment delays and raised yuan swap interest rates as factors affecting the currency's performance.

The Russian rouble gained 0.6% against the dollar on Wednesday, reaching 87.90 by 0750 GMT. However, trading activity remains muted.

Sanctions targeted at Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), have led to varied prices and spreads as activity moved to the over-the-counter (OTC) market on June 14. This has complicated access to accurate pricing for the currency. According to a central bank report published on Tuesday, delays in international payments for imports due to Western sanctions were a key factor behind the rouble's recent strengthening.

The currency remained steady at 12.05 against the yuan, a critical foreign currency in Moscow. The central bank noted that demand for yuan swaps dropped to zero after it increased interest rates on the instrument by 2 percentage points as a measure to limit the yuan's exchange rate influence.

The rouble also held steady against the euro at 96.34. Brent crude oil dipped 0.2% to $83.58 a barrel, nearing a one-month low due to weakening demand signs from China.