Russian ruble eases as U.S. sanctions continue pressure

The Russian ruble opened slightly down against the U.S. dollar on Thursday, continuing to feel pressure from possible new sanctions on Russia. The ruble was at 69.4, to trade at 80.64 versus the euro.

Admitting high market volatility, central bank Governor Elvira Nabiullina said this week there were reasons for holding the main interest rate or even raising it as soon as next week – a stance repeated by another central bank official on Thursday. Deputy Finance Minister Vladimir Kolychev said his ministry and the central bank may consider stepping into the secondary market in OFZ treasury bonds if there is high volatility. “There are no new ideas on the market so the ruble may move only by external events,” Dmitry Polevoy, chief economist at Russian Direct Investment Fund, said.

The economy ministry has lowered its forecast for economic growth this year and next because of volatility in financial markets, faster capital outflow and business pessimism amid new U.S. sanctions. Brent crude oil LCOc1, a global benchmark for Russia’s main export, was down 0.21 percent at $77.11 a barrel. The dollar-denominated RTS index .IRTS was up 0.53 percent to 1,074.57 points.