Russian rouble weakens towards near 11-month low vs dollar

MOSCOW: The Russian rouble fell towards its weakest mark against the dollar in almost 11 months on Thursday, dragged down by sharply lower oil prices amid fragile market sentiment over fears of a deepening crisis for banks worldwide.

The collapse last week of Silicon Valley Bank in the United States spilled over into European markets, with Credit Suisse at the centre of a rout that was halted by a $54 billion lifeline from the Swiss central bank.

At 0753 GMT, the rouble was 0.3% weaker against the dollar at 76.18, at its weakest since late February, and coming within a whisker of its lowest point in almost 11 months.

It had lost 0.8% to trade at 80.89 versus the euro . It had shed 0.2% against the yuan to 11.02 , its weakest mark since late April, 2022.

The rouble could weaken towards 77 against the dollar as oil prices remain under pressure, said Promsvyazbank analysts in a note. Brent crude oil, a global benchmark for Russia's main export, was up 0.4% at $74.0 a barrel, recovering some ground from the previous session's over one-year lows.

Russian stock indexes were higher. The dollar-denominated RTS index was up 0.1% to 937.7 points. The rouble-based MOEX Russian index was 0.2% higher at 2,266.9 points.

The Nasdaq stock exchange has informed Russian Internet giant Yandex and e-commerce firm Ozon that their stocks will be delisted, the companies said on Wednesday, more than a year after trading in their securities was suspended.

The suspension could have a negative short-term impact on their Moscow-listed securities, said Veles Capital analysts.