Russian ruble strengthens against Chinese yuan, weakens against US dollar

The Russian ruble weakened slightly against the dollar but strengthened against the yuan on Wednesday, the first day of increased net daily sales of the Chinese currency by the finance ministry and the central bank.

By 0820 GMT, the ruble was 0.6 percent lower at 86.00 against the dollar.

Against the yuan, which had become the most traded foreign currency in Moscow even before the latest sanctions were imposed, the ruble was up 0.6 percent at 11.78, according to an analysis of the over-the-counter market.

Trading in major currencies shifted to the over-the-counter market, obscuring pricing data, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on July 12.

The ruble was flat at 93.64 against the euro.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.7 percent at $76.66 a barrel on mounting concerns over Middle East supply.