Russian rouble advances despite oil pressures

(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.) (Recasts, updates prices)

MOSCOW, Dec 8 (Reuters) - The Russian rouble gained ground on Thursday despite uncertainty over how an oil price cap will affect Russia's main source of income.

At 0930 GMT the Russian rouble was up 0.7% against the dollar at 62.28 RUBUTSTN=MCX , advancing from seven-week lows hit in recent sessions. Against the euro, the rouble was up 1.2% at 65.23 EURRUBTN=MCX and had added 0.8% against the Chinese yuan CNYRUBTOM=MCX to trade at 8.93.

The currency strengthened despite analysts saying Russia's economy and government finances face pressure from the European Union's embargo of Russian oil exports and a $60-a-barrel price cap imposed by the G7, the European Union and Australia.

Russia's government has placed record amounts of debt in recent weeks as it tries to secure financing to cover expected budget deficits in the coming years.

Russia is aiming to borrow 3.5 trillion roubles ($55.64 billion) in 2023, as it prepares to face headwinds from falling oil prices and weaker demand for Russia's hydrocarbons.

Deputy Finance Minister Timur Maksimov said on Thursday Russia would offer more government OFZ bonds with floating rates, due to "attractive yields".

Russia's Urals oil blend was trading with an almost 40% discount to benchmark Brent crude oil LCOc1 , which was up 1% at $77.98 a barrel, analysts at Alor Broker wrote in a research note on Thursday. Before Moscow sent tens of thousands of troops into Ukraine in February, it typically had a single-digit discount.

"We should expect a sharp drop-off in the financial performance of the oil industry in the last quarter of the year, with the drop in oil revenues also affecting many other sectors," Alor Broker analysts said.

Russian stock indexes were mixed on the currency effect. The dollar-denominated RTS index .IRTS gained 0.4% to 1,102.8 points while the rouble-based MOEX Russian index .IMOEX was 0.5% lower at 2,183.1 points.

Shares in Sberbank SBER.MM underperformed, and were down 1% after Russia's largest bank said its net profit fell 84.8% year-on-year in the first 11 months of the year.

For Russian equities guide see RU/EQUITY

For Russian treasury bonds see 0#RUTSY=MM
Reporting by Jake Cordell and Alexander Marrow; Editing by Toby Chopra and Barbara Lewis

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。