Rouble eases with oil; awaits news from St Petersburg forum

01/06/2017 05:15 AST

Lower oil prices pressured the Russian rouble on Wednesday on the eve of a major annual economic conference that could shed light on the outlook for the country's economy and business.

By 0850 GMT, the rouble eased 0.3 percent to 56.66 against the dollar and shed 0.1 percent to 63.4 versus the euro. The rouble lacks momentum amid a lull in domestic news flow -- officials tradionally prefer to hold back comments and proceed with new statements at the St. Petersburg economic forum which kicks off on Thursday.

A 0.7 percent decline in Brent crude futures to $51.47 had a negative impact on the commodity-dependent rouble, while support has also ebbed from the end-month tax payments season.

Russian equities were steady to weaker, with the rouble-denominated Micex index down 0.1 percent at 1,930.6, while the dollar-based RTS benchmark slid 0.2 percent to 1,072.3.

The indexes are now targeting new 2017 lows, with the Micex index heading towards 1900, Alor brokerage said in a note.

"While the external background remains moderately negative, indexes will be sliding lower. And if the negative (mood) becomes stronger, we will see another sell-off," Alor said.


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