© Reuters. FILE PHOTO: The newly designed Russian 100-rouble banknotes are seen at the Goznak printing factory in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via REUTERS
MOSCOW (Reuters) - The Russian rouble strengthened on Wednesday ahead of three OFZ treasury bond auctions by the finance ministry, as the market awaited information on a price cap on Russian oil exports.
At 0802 GMT, the rouble was 0.3% stronger against the dollar at 60.48 and had lost 0.1% to trade at 62.37 versus the euro. It had firmed 0.3% against the yuan to 8.45.
Russia has sharply increased its domestic borrowing in recent weeks after a months-long hiatus. The finance ministry sold a record volume of government debt in a single day at last week's auctions and will once again offer three papers at auctions later on Wednesday.
Traders are waiting for a Group of Seven nations' price cap on Russian oil exports to be announced, which is due to be implemented on Dec. 5, as part of sanctions intended to punish Moscow for its actions in Ukraine.
Uncertainty surrounding Russia's oil exports is weighing on the oil and gas sector on Russian stock markets, Sinara Investment Bank said in a note, but the announcement of the price ceiling today should bring clarity.
Brent crude oil, a global benchmark for Russia's main export, was up 0.9% at $89.1 a barrel.
Russian stock indexes were lower.
The dollar-denominated RTS index was down 0.6% to 1,136.1 points. The rouble-based MOEX Russian index was 0.7% lower at 2,181.2 points.
