Russian rouble recovers from over one-week low against dollar
MOSCOW, July 4 (Reuters) - The Russian rouble recovered from a more than one-week low against the dollar on Thursday, propped up by factors ranging from high interest rates to reduced imports after coming under pressure from reduced foreign currency sales at the start of the month.
By 0729 GMT, the rouble was 0.4% higher at 87.50 RUB= against the dollar, earlier hitting its weakest point since June 24 of 88.82.
"The volatility of the rouble and trading volume are gradually decreasing," Alor Broker's Alexei Antonov said. "One can say that the FX market has recovered from the shock termination of dollar and euro trading at Moscow Exchange and has started to seek equilibrium."
Sanctions on Moscow Exchange MOEX.MM and its clearing agent, the National Clearing Centre (NCC), led to a range of varying prices and spreads as trading shifted to the over-the-counter (OTC) market on June 14, obscuring access to reliable pricing for the Russian currency.
The average dollar-rouble mixed composite rate, calculated by LSEG and based on data from international brokers and counterparties, stood at 87.40 RUB=TRB.
Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble shed 0.5% to 11.96, according to an analysis of the OTC market. It was down 0.2% at 94.94 against the euro EURRUB=.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 0.7% at $86.68 a barrel.
Reporting by Alexander Marrow; Editing by Anil D'Silva
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