MOSCOW (Reuters) – The rouble strengthened on Friday hovering between 61 and 62 against the dollar, with investors awaiting the central bank’s interest rate-setting meeting, while Russian stocks pulled back from a more than one-month high.
At 0707 GMT, the rouble was 0.3% stronger against the dollar at 61.55 and had gained 0.7% to trade at 61.29 versus the euro. It had firmed 0.3% against the yuan to 8.45.
The central bank is in focus as it is expected to end its rate-cutting cycle that started after an emergency hike to 20%, days after Russia sent tens of thousands of troops into Ukraine on Feb. 24.
A majority of analysts polled by Reuters expect the Bank of Russia to hold its key rate at 7.5% as an inflation slowdown becomes less marked and geopolitical uncertainty saps consumer demand. The decision is due at 1030 GMT.
“The regulator is unlikely to make any important statements regarding further monetary policy that will strongly influence rouble dynamics,” Alor Broker analysts said in a note, forecasting a hold.
Brent crude oil, a global benchmark for Russia’s main export, was down 1.3% at $95.7 a barrel.
Russian stock indexes were lower.
The rouble-based MOEX Russian index was 0.6% lower at 2,151.3 points, pulling back from its highest mark since Sept. 23 of 2,164.64 points, hit on Thursday. The dollar-denominated RTS index was down 0.4% to 1,100.7 points, slipping from a more than three-week low.
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(Reporting by Alexander Marrow; Editing by Rashmi Aich)
