Russian rouble rises after three-day fall

Business 19-05-2017 12:53
Russian rouble rises after three-day fall
The Russian rouble recovered on Friday, supported by higher oil prices and due to a weaker dollar, after falling for three days.
   
At 0800 GMT, the rouble was 0.8 percent stronger against the dollar at 57.09  and had gained 0.5 percent to trade at 63.60 versus the euro
 
Brent crude oil , a global benchmark for Russia's main export, was up 0.9 percent at around $53 a barrel.
   
Sentiment was hurt by allegations that U.S. President Donald Trump tried to influence an investigation into connections between former White House national security adviser Michael Flynn and Russia. That raised the risk Trump could be impeached. 
 
Also weighing on investors' minds were allegations that Brazil President Michel Temer condoned bribes. Temer has denied any wrongdoing and refused to resign, but the scandal was a shock for the currencies of emerging markets.  "The escalation of the political situation in the world promises increased volatility on foreign exchange markets," analysts at Rosbank said in a note.
 
On Friday, Russia's dollar-denominated RTS was up 0.24 percent to 1,079 points, while the rouble-based MICEX was 0.59 percent lower at 1,955 points.


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