Russia's stock market rises as ruble weakens against yuan, dollar, euro

MOSCOW, August 28. /TASS/. Russia’s stock market closed in the green on Friday as the ruble-denominated MOEX Index added 1.03% to 2,114.93 points, while the dollar-denominated RTS Index gained 1.45% to 778.32 points. The yuan exchange rate against the ruble rose by 8 kopecks to 12.9 rubles.

BCS World of Investment believes the MOEX Index could continue its rise toward the nearest resistance level around 2,150 points unless there is significant negative news. The yuan could attempt to break through the psychologically important level of 13 rubles early next week.

According to Freedom Global, the MOEX Index may trade within the 2,100-2,200-point range on Monday. Forecasts for the dollar, euro, and yuan exchange rates for Monday are 85-87 rubles, 98-100 rubles, and 12.5-13 rubles, respectively.

According to Tsifra Broker, with the peak of tax payments now past, the balance of risks points to a further gradual weakening of the ruble toward the upper ends of the ranges of 12.6-13 rubles per Chinese yuan, 85-87 rubles per dollar, and 99-101 rubles per euro.