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Russian Rouble Down Slightly Amid Oil Price Decline

The Russian rouble opened down slightly on Tuesday, hurt by declining prices for oil, the country’s key export.

In a note, Andrei Kochetkov, chief analyst at Otkrytye Investment, said that oil prices were falling amid anticipated lower demand for oil in much of the world.

“Against this background, the Russian market risks going into negative territory and the rouble weakening,” he said.

At 0900 GMT, the rouble was 0.23% weaker against the dollar at 92.60 but had gained 0.11% to trade at 98.97 versus the euro. It had shed 0.14% against the yuan to 12.96.

Brent crude oil, a global benchmark for Russia’s main export, was down 1.85% at $83.61 a barrel.

Russian stock indexes were also slightly lower.

The dollar-denominated RTS index was down 0.28% at 1,100.28 points. The rouble-based MOEX Russian index was 0.01% lower at 3,234 points.

Source : Zawya