Russian stocks hit highest in over two years

[April 01, 2024]  MOSCOW (Reuters) - Russia's benchmark stock index strengthened to its highest point since the day Russia sent its troops into Ukraine in February 2022 on Monday, while the rouble firmed slightly against the U.S. dollar. 

Russian 1000-rouble banknotes are seen inside a currency counting machine in a bank office in Moscow, Russia, in this illustration picture taken October 9, 2023. REUTERS/Maxim Shemetov/Illustration/File Photo

By 1025 GMT, the rouble-based MOEX Russian index gained 0.9% to 3,361.5 points, its strongest since Feb. 24, 2022. The dollar-denominated RTS index rose 0.9% to 1,147.5 points.

The rouble was 0.2% higher at 92.29 to the dollar.

The rouble could face weakening risks in the coming days, said Yevgeny Loktyukhov of Promsvyazbank, as a favourable month-end tax period has ended and there could be pent-up demand for dollars and euros in the United States and Europe after the Easter break.

Against the euro, the rouble rose 0.1% to 99.53 and dropped 0.1% to 12.69 against the yuan.

Brent crude oil, a global benchmark for Russia's main export, fell 0.3% to $86.71 a barrel.

($1 = 92.2500 roubles)

(Reporting by Alexander Marrow; Editing by Alison Williams and Barbara Lewis)

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