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Russian rouble falls as oil prices drop

Russian rouble falls as oil prices drop

MOSCOW:  The Russian rouble weakened on Wednesday, pulled down by lower oil prices and the bigger-than-expected drop in U.S. oil inventories. At 0756 GMT, the rouble was 0.2 percent weaker against the dollar at 59.94 and had lost 0.1 percent to trade at 70.37 versus the euro.

Brent crude oil was down 0.12 percent at $52.10 a barrel. “The rouble’s performance is now going to be shaped by international capital flows, while tactically higher export selling during the tax period would provide some support later this month,” VTB Capital said in a note. Market is focused on U.S. Energy Information Administration statistics later on Wednesday. Russian share indexes were also down. The dollar-denominated RTS index was down 0.46 percent to 1,044 points, while the rouble-based MICEX was 0.16 percent lower at 1,986 points.