(Reuters) – The Russian rouble stabilised near 80 per dollar on Wednesday and stock indexes were up slightly, losing momentum after weeks of jittery trade.
Russian actions in Ukraine, which Moscow calls “a special military operation”, remained in focus, along with a risk of new western sanctions and expectations that the economy is heading for its sharpest contraction since 1994.
At 0749 GMT, the rouble was little changed at 79.77 against the dollar, after rallying to 71 last week, which was its strongest since Nov. 11.
Against the euro, the rouble rose 0.2% to 86.04.
The rouble eased this week after the central bank scrapped a 12% commission for buying foreign currency through brokerages and promised to lift a temporary ban on selling foreign exchange cash to individuals from April 18.
But the rouble retains support from export-focused companies that are obliged to convert 80% of their forex revenues on the domestic market.
On the bond market, yields on 10-year OFZ treasury bonds declined slightly to 10.74% from a record high of 19.74% seen on March 21 after a nearly month-long trading hiatus.
The finance ministry, which has suspended borrowing on domestic and external markets this year, is due to pay coupons on three OFZ series on Wednesday.
Stock market indexes inched higher, with the rouble-based MOEX Russian index rising 0.3% to 2,547.6 points. The dollar-denominated RTS index was 0.1% higher at 1,005.9 points.
Shares in Rosbank, a Russian subsidiary of French bank Societe Generale, have again outperformed the market, adding 10% after rising by around 40% a day on Monday and Tuesday.
Rosbank shares rallied after Societe General said it would quit Russia and take a 3 billion euro ($3.25 billion) income hit from selling Rosbank to Interros Capital, a firm linked to Russian oligarch Vladimir Potanin.
($1 = 0.9229 euros)
(Reporting by Reuters)