In the midst of recent oil price volatility, the Russian rouble held its ground on Wednesday, displaying resilience in the face of sharp declines earlier in the week. At 0750 GMT, the rouble exhibited a marginal 0.2% weakening against the US dollar, trading at 92.44, while it also experienced a slight 0.03% dip against the euro, settling at 98.70. Furthermore, it registered a nominal 0.01% decline against the yuan, reaching a rate of 12.68.

Bank Saint Petersburg, a leading financial institution in Russia, expressed its confidence that the rouble is poised to maintain its current stability in the near future. Their analysis suggested that, despite the recent drop in oil prices, there is limited likelihood of an immediate downturn for the rouble.

Brent crude oil, a pivotal benchmark for Russia’s primary export, exhibited a minor recovery of 0.17%, reaching $81.74 per barrel after enduring a substantial decline earlier in the week. Meanwhile, Russian stock indexes faced a downtrend. The dollar-denominated RTS index fell by 0.21% to 1,104 points, and the rouble-based MOEX Russian index showed a decrease of 0.13%, settling at 3,242 points.