Ruble drops slightly in trade, stocks close to monthly high

MOSCOW, January 4 (Reuters)The Russian ruble edged lower on Tuesday as the benchmark MOEX stock index hit a near-month high amid rising oil prices.

At 07:00 GMT, the ruble was 0.14% weaker against the dollar at 74.65. RUBUTSTN=MCX and held steady to trade at 84.31 against the Euro EURRUBTN=MCX.

Oil prices rose on Tuesday as investors understood expectations that oil producers would add supply at a meeting on Tuesday, a sign that fuel demand remains robust despite the spread of the Omicron variant of the coronavirus. . WHERE

The ruble has come under increased pressure since October as Western nations expressed concerns over Russia’s military buildup near neighboring Ukraine.

US Secretary of State Antony Blinken discussed military buildup with the Bucharest Nine group of NATO allies on Monday, the State Department said.

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

The dollar-denominated RTS index .IRTS gained 0.5% to 1,629.8 points. Russian ruble-based MOEX index .IMOEX climbed 0.3% to 3,863.6 points, its highest since Dec. 7.

For the guide to Russian stocks, see UK/EQUITY

For Russian Treasury bonds, see 0#RUTSY=MM

(Reporting by Vladimir Soldatkin; Editing by Andrew Heavens)

(([email protected]; @vsoldatkin;))

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