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Rouble steadies in OTC trade as Russian market adapts to new sanctions
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Rouble steadies in OTC trade as Russian market adapts to new sanctions
Jun 17, 2024 1:17 AM

MOSCOW, June 17 (Reuters) - The rouble steadied against

the dollar in over-the-counter (OTC) trading on Monday as the

Russian market got to grips with new U.S. sanctions that forced

Russia's leading exchange to halt dollar and euro trading last

week.

The sanctions on Moscow Exchange and its clearing

agent, the National Clearing Centre (NCC), ultimately led to a

range of varying prices and spreads as trading moved OTC on June

14, obscuring access to reliable pricing for the Russian

currency.

The rouble was 0.1% higher at 88.27 by 0759 GMT, according

to a Reuters analysis of the OTC market. The euro was up 0.2% at

94.38.

The yuan, which was already the most traded currency with

the rouble in Moscow, firmed 0.1% to 12.14.

On the interbank market, where liquidity can be low and

major Russian banks that have been sanctioned by the United

States cannot participate, the rouble traded at 88.55 against

the dollar.

After a particularly volatile session on Thursday, the

market has settled and the rouble is now stronger than before

the sanctions were imposed, partly as dollar trading

restrictions can provoke the sale of foreign currency for

roubles.

The Russian currency is also buttressed by capital controls,

interest rates at 16% and Russia's strong current account

surplus.

Brent crude oil, a global benchmark for Russia's

main export, was unchanged at $82.63 a barrel.

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