July 3, 2018 / 8:50 AM / 5 months ago

Russian rouble recovers with oil prices, shares fall

MOSCOW (Reuters) - The Russian rouble firmed on Tuesday, supported by higher oil prices and a weaker U.S. dollar.

A customer holds a Russian 5,000-rouble as she buys food at a grocery shop in the Siberian city of Krasnoyarsk, Russia, August 6, 2015. REUTERS/Ilya Naymushin

At 0807 GMT, the rouble was 0.42 percent stronger against the dollar at 63.17 and had gained 0.12 percent to trade at 73.70 versus the euro.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.52 percent at $77.70 a barrel after Libya flagged disruptions to its output.

The forthcoming meeting between Russian President Vladimir Putin and U.S President Donald Trump also provided support for the Russian market, analysts at BCS brokerage said.

The Kremlin said on Monday that Putin is open to compromise with Trump on all issues except the Crimean peninsula.

But the situation on global markets remained a risk factor as investors are worried about trade tensions between the U.S. and China as well as rising overall oil output from OPEC and non-OPEC countries.

An expected increase in state purchases of foreign currency that should be announced on Wednesday by Russia’s finance ministry is also keeping pressure on the currency.

A Reuters poll showed such state purchases are on track to reach a record high in July.

Russian stock indexes were down.

The dollar-denominated RTS index was down 0.1 percent to 1,150.62 points. The rouble-based MOEX Russian index was 0.54 percent lower at 2,307.00 points.

Reporting by Polina Nikolskaya; Editing by Alexander Smith

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