MOSCOW (Reuters) - The Russian rouble was flat in early trade on Wednesday reflecting market players’ unwillingness to take new positions ahead of Russia’s long New Year holidays.
At 0727 GMT, the rouble was unchanged at 60.67 against the dollar and down slightly by 0.1 percent to trade at 63.52 versus the euro.
Trading activity is fading towards the end of the year and trading volumes have already decreased substantially ahead of Russia’s public New Year holidays, which last from Dec. 31 to Jan. 8.
Crude oil prices supported Russian assets. Brent crude oil, a global benchmark for Russia’s main export, was steady at $56.08 a barrel on hopes that the world’s major oil producers will cut output next year.
“We think that investors are now going to switch into wait-and-see mode as the first hints on countries complying with the agreed cuts are only going to be available in a couple of weeks,” VTB Capital said in a research note.
The dollar-denominated RTS index gained 0.3 percent to 1138.85 points, while the rouble-based MICEX was 0.1 higher at 2192.14.
Alor brokerage said in a note to clients that market players are likely to continue closing existing positions, keeping the RTS index steady at around 1135 points.
For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=
For Russian equities guide see <RU/EQUITY>
For Russian treasury bonds see <0#RUTSY=MM>
Russia in graphics: link.reuters.com/dun63s
Reporting by Andrey Ostroukh; Editing by Andrew Osborn