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Home News

Rouble Slides To Over 2-Week Low Past 77 Vs Dollar After U.S.-Russia Talks – Reuters

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  • Russia-U.S. talks yield no breakthrough
  • Rouble weakens lowest vs dollar since Jan. 6
  • Russian stocks fall after sign of recovery
  • Russian assets sensitive to geopolitics

MOSCOW, Jan 21 (Reuters) – The rouble weakened to a more than two-week low past 77 versus the dollar on Friday, having earlier shown signs of recovery after high level talks between Moscow and Washington to discuss soaring tensions over Ukraine, while Russian stocks fell.

The top U.S. and Russian diplomats made no major breakthrough at talks on Ukraine on Friday but agreed to keep talking to try to resolve a crisis that has stoked fears of a military conflict. read more

The West fears Russia may invade its neighbour. Russia denies planning an attack, but says it could take unspecified military action if a list of demands are not met, including a promise from NATO never to admit Ukraine. read more

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By 1506 GMT, the rouble was 0.6% weaker against the dollar at 77.13 , after touching 77.22, its weakest point since Jan. 6. In yet another volatile session, it had earlier strengthened by as much as 0.5%.

The rouble has a wide mid-term range between 74 and 78 versus the greenback, said Dmitry Polevoy, head of investment at Locko Invest.

The currency had lost 1% to trade at 87.57 versus the euro .

BCS Global Markets said all eyes were on the Lavrov-Blinken meeting, with tensions the highest they have been in years.

Russian assets could come under further pressure if new sanctions are imposed, something Western powers have threatened if Moscow engages in hostilities against Ukraine, but Russian officials say the country’s finances are healthy and economic fundamentals are strong. read more

Moscow is also grappling with rising COVID-19 cases, which hit a record high on Friday of 49,513 as the Omicron variant spread across the country. read more

Russia’s 10-year OFZ bond yields were edging higher at 9.36%, near a session high of 9.42% and not far from their highest since early 2016 of 9.52%, reached earlier this week. Yields move inversely to prices.

Brent crude oil , a global benchmark for Russia’s main export, was down 1.5% at $87.07 a barrel, adding to pressure on Russian stock indexes.

The dollar-denominated RTS index (.IRTS) was down 3.7% to 1,397.7 points. The rouble-based MOEX Russian index (.IMOEX) was 2.6% lower at 3,423.3 points.

Shares in retailer OR Group (ORUP.MM) were down more than 20% after it failed to redeem bonds for 592 million roubles ($7.7 million).

($1 = 76.9234 roubles)

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Reporting by Alexander Marrow Editing by Mark Potter and Elaine Hardcastle

Our Standards: The Thomson Reuters Trust Principles.

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