MOSCOW (Reuters) – The Russian rouble edged lower on Tuesday, giving up some of the gains made in the previous session and pulling back from a more than two-week high hit against the dollar in early trade.
At 0805 GMT, the rouble was 0.2% weaker against the dollar at 61.13, falling away from 60.8625, its strongest point since Oct. 21.
It had lost 0.1% to trade at 60.96 versus the euro and had firmed 0.4% against the yuan to 8.38.
“We expect the rouble to weaken in the course of trading,” said Banki.ru Chief Analyst Bogdan Zvarich. “A correction on the energy market and a lower supply of foreign currency from exporters could put pressure on the rouble.”
The rouble is the world’s best-performing currency this year, supported by capital controls and an initial collapse in imports as a result of Western sanctions on Russia over its actions in Ukraine, and scores of foreign companies pausing operations in the country.
Central Bank Governor Elvira Nabiullina on Tuesday said there was no immediate need to further soften capital controls.
The market is also focusing on U.S. midterm elections later in the day.
, a global benchmark for Russia’s main export, was down 0.4% at $97.6 a barrel.
Russian stock indexes fell after climbing to weeks-long highs at market opening.
The rouble-based MOEX Russian index was 0.6% lower at 2,195.0 points, earlier clipping 2,221.13 points, its strongest point since Sept. 20. The dollar-denominated RTS index was down 0.9% to 1,130.9 points, down from an over five-week high.
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Story Credit: investing.com