Russian rouble reacts cautiously to oil price spike
MOSCOW, June 23 (Reuters) - The Russian rouble strengthened only slightly on Monday despite the price of oil, Russia's main export commodity, hitting five-months high after the U.S. bombed Iran's key nuclear sites.
By 0830 GMT, the rouble RUB= was up by only 0.4% at 78.37 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The Russian currency is up by about 45% against the dollar since the start of the year.
"To many, this (lack of the rouble's reaction) may seem illogical, but in fact everything is consistent here. Recently, the oil price was falling sharply, and the rouble was rising; now the oil is becoming more expensive, and the rouble is stable," BCS brokerage analysts said.
Against the Chinese yuan, the most traded foreign currency in Russia, the rouble strengthened by 0.2% to 10.86 on the Moscow Stock Exchange.
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