The ruble has been strengthening for the second week in a row. Since the first quarter of 2024, several OPEC+ countries, including Russia and Saudi Arabia, have voluntarily reduced oil production by a total of 2.2 million barrels per day to balance the market. The next meeting of the organization members will take place in early June.
Currency
The US dollar, euro, and yuan fell on the Moscow Exchange during the trading session on May 24. By 19:00 Moscow time, the exchange rate of the US dollar was 89.53 rubles, which was 49 kopecks lower than the closing level of the previous trading session. By that time, the euro had depreciated by 32 kopecks and was priced at 97.30 rubles. The Chinese yuan rate decreased by 10 kopecks and closed at 12.29 rubles.
The ruble reached a maximum since the beginning of the year following signals from the Central Bank of Russia in favor of another interest rate hike or at least maintaining tight monetary and credit conditions in the country.
Over the week, the dollar rate decreased by 1.42 rubles, the yuan by 28 kopecks, and the euro by 1.44 rubles.
On the global currency market, the US Dollar Index against a basket of six major currencies, DXY, declined and by 20:30 Moscow time, was around 104.7 points.
The minutes of the last meeting of the Federal Reserve on May 22 showed that several Federal Reserve officials are ready to raise interest rates again if inflation in the US does not continue to slow down.
Stocks
The trading session on the Moscow Exchange ended with a decline in major indicators. The Moscow Exchange Index fell by 1.3% and closed at 3396 points. The RTS index dropped by 0.8% and ended the trading session at 1195 points.
Over the week, the Moscow Exchange index fell by 3.01% and the RTS by 1.34%.
The main indicators of the US stock market showed an upward trend in the first half of the trading session. By 20:30 Moscow time, the Dow Jones Industrial Average rose by 0.2%, the S&P 500 index added about 0.7%, and the NASDAQ-100 increased by 1.1%.
Oil
Oil prices rose on the evening of May 24. The price of Brent crude oil futures contracts on the ICE Futures London Stock Exchange by 20:30 Moscow time was around $82 per barrel. The price of WTI oil futures on the New York Mercantile Exchange by that time was around $78 per barrel.
Next week, market attention will be focused on the OPEC+ meeting, where leading oil producers are expected to extend measures to reduce production.