Rouble Rises Amid Oil Price Dip, Market Awaits Forex Interventions

The Russian rouble edged up 0.6% against the dollar on Monday, despite falling oil prices. The market anticipates the finance ministry's forex intervention plan, possibly including foreign currency sales for the first time since January 2024. Trading in major currencies has shifted to the over-the-counter market due to Western sanctions.

The Russian rouble saw a 0.6% rise against the dollar on Monday, despite a dip in oil prices, Russia's key export. The market is awaiting the finance ministry's announcement on its forex intervention plan for the forthcoming month. By 0755 GMT, the rouble was trading at 84.00 against the dollar.

Speculation suggests that the finance ministry may switch to selling foreign currency for the first time since January 2024, a move that could support the rouble amid falling oil prices due to recession fears in the U.S. and financial turmoil in Asia.

Western sanctions on the Moscow Exchange and the National Clearing Centre, introduced on July 12, have shifted trading in major currencies to the over-the-counter market, obscuring pricing data. The rouble was down 0.3% against the yuan at 11.82 and up 0.1% against the euro at 93.15. Brent crude oil dropped 0.4% to $76.55 a barrel, its lowest since January 2024. ($1 = 84.8000 roubles)

(With inputs from agencies.)