Business

Russian rouble holds around 61 vs dollar

The Russian rouble was trading down slightly on Wednesday, holding close to 61 against the U.S. dollar after briefly hitting one-month highs during yesterday’s session.

At 0703 GMT, the rouble was 0.1% weaker against the dollar at 61.03 and had lost 0.4% to trade at 61.22 versus the euro . Against the Chinese yuan the Russian currency was down 0.1% at 8.382 .

The Russian rouble has been the world’s best performing currency this year, as strict capital controls have pushed it higher despite Moscow being hit with unprecedented Western sanctions for its invasion of Ukraine.

Central Bank Governor Elvira Nabiullina on Tuesday said there was no immediate need to further soften capital controls, which force exporters to convert their hard currency earnings into roubles and limit FX cash withdrawals.

Brent crude oil , a global benchmark for Russia’s main export, was flat at $95.35 a barrel, having traded above $97 at the start of the week.

Banki.ru Chief Analyst Bogdan Zvarich said the rouble could fade in the coming sessions.

“The currency may be under pressure following yesterday’s correction in oil prices, which could see the rouble attempt to return to the range of 61.5-62 against the U.S. dollar,” he said in a research note.

Russian stock indexes were down at the open on Wednesday, also dipping from month-high levels. The dollar-denominated RTS index (.IRTS) had lost 0.5% to 1137.1 points. The rouble-based MOEX Russian index (.IMOEX) was 0.2% lower at 2,203.1 points.