Ruble stabilizes in light trade, stocks rise to monthly high – Markets

MOSCOW: The Russian ruble hit a one-month low before leveling off in light trade on Monday, while the benchmark MOEX stock index hit a one-month high amid rising oil prices on first trading day of 2022.

At 07:28 GMT, the ruble was stable at 74.69 against the dollar after briefly touching 75.1975, a level last seen on November 29.

Against the euro, the ruble lost 0.2% to 84.71.

The ruble has come under increased pressure since October, as Western countries expressed concerns over Russia’s military build-up near neighboring Ukraine.

President Joe Biden said last week that he told his Russian counterpart Vladimir Putin that a move against Ukraine would lead to sanctions and an increased US presence in Europe.

On Sunday, Biden told Ukrainian President Volodymyr Zelenskiy that the United States and its allies “will respond decisively” if Russia further invades Ukraine.

Trade activity is expected to be weak this week and return to steady levels after January 10, the end of the New Years holiday in Russia.

Brent crude oil, a global benchmark for Russia’s main export, rose 0.9% to $ 78.52 a barrel, supporting Russian stock indexes.

The RTS dollar-denominated index gained 1.6% to 1,621.6 points.

The Russian ruble-based MOEX index climbed 1.6% to 3,854.8 points, its highest since December 8.

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