Russian stock market at all-time high as ruble shows stable growth

The Moscow stock exchange (MOEX) index reached a new all-time high on Monday, as Russia's national currency, the ruble, opened the first trading day of 2021 with an upward move, triggered by rising oil prices.

The ruble was 0.7 percent stronger against the dollar at 73.82, and gained 1.1 percent to trade at 90.50 against the euro.

The MOEX Russian index advanced 1.09 percent to 3,324 points, marking a record high. MOEX is the main ruble-denominated index of the Russian stock market, comprised the shares from more than 40 major Russian companies, including Sberbank, Gazprom, Rosneft, Novatek and other top corporations.

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The dollar-denominated RTS index rose by 2.35 percent to 1,420 points.

Earlier, global prices for crude, Russia’s key export, grew by 2.36 percent to trade $53.02 per barrel, as the market expects another decision on an output cap from the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia.

In 2021, the Russian national currency will reportedly recoup some losses sustained from the Covid-19 pandemic along with a major drop in crude prices. However, the experts do not expect the ruble to quickly return to levels seen in early 2020, before coronavirus hit the world.

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