Rouble firms back past 84 to dollar, stocks jump with gas saga in focus (updated)
31/03/2022 11:43
(Updates prices, adds c.bank, MOEX comments)
March 31 (Reuters) - The Russian rouble strengthened back
past 84 to the dollar on Thursday, and stocks jumped higher as
some curbs on short selling were lifted, with the market focused
on what Moscow's demand that its gas exports be paid for in
roubles will mean.
By 1002 GMT, the rouble was 1.5% stronger against the dollar
at 83.30 RUBUTSTN=MCX , close to a more than one-month high,
and had gained 1.7% to trade at 92.59 versus the euro
EURRUBTN=MCX .
The Russian currency is extending gains made last week after
President Vladimir Putin demanded that natural gas exported to
Europe be paid for in roubles, a move that has galvanised
European countries into action. urn:newsml:reuters.com:*:nL2N2VX1OU
"Investors are waiting for the resolution of the situation
with rouble payments for Russian gas, and also, probably, other
goods," Veles Capital analysts said in a note.
On Wednesday, two sources told Reuters that Russia planned
to keep the contract currency for gas exports to Europe
unchanged but would seek final payment in roubles as one of the
options to switch the currency of gas trade, moves that may ease
some traders' concerns. urn:newsml:reuters.com:*:nL2N2VX2U2
Dynamics driving the rouble lately are to some extent
artificial. The currency, which had been free-floating until
late February, is now steered by capital controls, a ban on
buying cash dollars and euros and other administrative measures.
On the interbank market, rouble bids reached as strong as 75
against the dollar in the previous session RUB= and were
hovering around 82 on Wednesday. The rouble was at 82 to the
dollar on the EBS electronic platform RUB=EBS .
STOCKS SURGE HIGHER
Russian stock indexes were higher. The central bank from
Thursday lifted a ban on some short selling, but limited it to
shares in 83 enterprises and only to banks and brokers.
urn:newsml:reuters.com:*:nL2N2VX3X7
On Thursday, the bank told Reuters a ban on the buying and
selling of any securities between Russians and foreigners of
"unfriendly" countries, imposed on March 1, was indefinite.
Moscow Exchange said trading in foreign securities would be
relaunched once transfers between Russia's National Settlement
Depository (NSD) and international clearing houses Euroclear and
Clearstream, which are currently blocked, had been resolved.
"Foreign securities purchased by investors on the exchange
are in safekeeping in the Russian jurisdiction," Moscow Exchange
said.
The dollar-denominated RTS index .IRTS was up 5.3% at
999.7 points, at its highest since Feb. 24, the day Russia sent
tens of thousands of troops into Ukraine.
The rouble-based MOEX Russian index .IMOEX was 5.2%
higher, at 2,644.0 points.
Shares of energy giant Gazprom GAZP.MM leapt 11.4%. Shares
in sanctioned lender VTB VTBR.MM were 9% higher, while flag
carrier Aeroflot AFLT.MM was losing 1.3% on the day.
SPB Exchange, Russia's second-largest bourse, said it
planned to resume trading in several securities of Russian
companies with foreign primary listings, but not earlier than
April 7.
Russia has spent 50.2 billion roubles ($613 million) in
coupons on seven OFZ treasury bond issues, data on its website
showed.
Yields on Russia's benchmark 10-year OFZ treasury bonds,
which move inversely to prices, fell to 11.46% RU10YT=RR ,
their lowest since Feb. 22. urn:newsml:reuters.com:*:nL5N2VY2S6
($1 = 81.8750 roubles)
(Reporting by Reuters; editing by Clarence Fernandez and Jason
Neely)