The rouble steadied on Monday and Russia’s benchmark stock index surged to a near seven-month high after OPEC+ oil producers announced further oil output target cuts of about 1.16 million barrels per day (bpd) that saw oil prices jump.
By 0804 GMT, the rouble-based MOEX Russian index was 0.9% higher at 2,472.4 points, reaching 2,481.59 points in early trade, its strongest mark since Sept. 6, 2022.
The dollar-denominated RTS index was up 0.6% to 1,002.6 points.
The United States called Sunday’s surprise output target cut by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, inadvisable.
Brent crude oil, a global benchmark for Russia’s main export, was up 5.8% at $84.6 a barrel, a near four-week high.
In a coordinated step, Russia said it would extend a voluntary cut of 500,000 bpd until the end of 2023. Russia announced those cuts unilaterally in February following the introduction of Western price caps.
The rouble was 0.1% weaker against the dollar at 77.68 and was unchanged at 84.24 versus the euro . It had firmed 0.2% against the yuan to 11.26.
“Soaring oil should support the rouble, which has been quite weak over the last few weeks and is showing a desire to move towards the 80 mark,” said Alexei Antonov of Alor Broker. “So far, the rouble is not reacting to the oil positive.”
Moscow Exchange, Russia’s largest bourse, on Monday said it was launching futures trading in Indian rupees and Emirati dirhams from April 4, part of a wider finance and trade shift by Moscow towards countries that have not imposed sanctions over Russia’s actions in Ukraine.
“We are seeing client requests for a fast response from the side of infrastructure due to the rapidly changing conditions on global markets,” said Maria Patrikeyeva, head of the exchange’s futures market, in a statement.
