April 10, 2018 / 7:43 AM / 7 months ago

REFILE-Russian rouble falls by more than 1 percent, extends earlier losses

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MOSCOW, April 10 (Reuters) - The Russian rouble extended losses on Tuesday, opening slightly up in early trade on Tuesday but starting to fall shortly afterwards to lose more than 1 percent and trade at its lowest since December 2016.

The rouble suffered a massive sell-off on Monday hit by the fresh U.S. sanctions imposed on some of Russian oligarchs and their assets.

At 0720 GMT, the rouble was 1.2 percent weaker against the dollar at 61.37 and had lost 1.3 percent to trade at 75.7 versus the euro.

The rising Brent oil prices, benchmark for Moscow’s flagship Urals oil pricing, which were up by 1.2 percent in early trading, did not help the rouble recover.

Russian stock indexes were also down after opening up in earlier trade.

The dollar-denominated RTS index was down by 1.8 percent to 1,075 points. The rouble-based MOEX Russian index was 0.1 percent higher at 2,093.9 points.

On Monday, the rouble suffered its biggest daily fall in more than three years and stocks in major Russian companies also slid, as investors reacted to a new round of U.S. sanctions targeting some of Russia’s biggest tycoons.

The United States imposed sanctions on seven Russian oligarchs and some of their companies on Friday, including Viktor Vekselberg’s Renova and Oleg Deripaska’s En+ Group , Rusal and some other assets.

Rusal was trading down 7.6 percent on Tuesday.

Despite the sell-off, some analysts said it was premature to change the economic forecasts.

“We tend to believe that an impact on economic growth should be fairly limited given that Russia has already deleveraged, and economic policies of the recent years ensured stabilization and de-risking of domestic economy,” Renaissance Capital analysts Oleg Kouzmin and Daniel Salter said in a note.

For Russian equities guide see

For Russian treasury bonds see (Reporting by Katya Golubkova Editing by Alison Williams)

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