November 8, 2017 / 9:38 AM / a year ago

UPDATE 1-Russian rouble rises from near three-month low

(Adds Uralkali delisting, updates prices)

MOSCOW, Nov 8 (Reuters) - The Russian rouble strengthened on Wednesday, shrugging off lower oil prices to bounce back from an almost three-month low hit in the previous session.

The rouble fell almost 2 percent to 59.45 versus the dollar, its weakest since mid-August, in late trade on Tuesday as part of a wider selloff in emerging market currencies.

It was 0.27 percent stronger against the dollar on Wednesday at 59.21 and had gained 0.17 percent to trade at 68.64 versus the euro.

“Increased geopolitical concerns, coupled with expectations of tighter monetary policy from the major central banks, propelled a further meltdown in the emerging market forex space yesterday, with the rouble being part of a broader picture,” VTB analysts said in a note.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.02 percent at $63.68 a barrel as Chinese crude imports slipped to their lowest level in a year.

But traders say output cuts by OPEC, Russia and other leading producers have kept the overall market well supported, and tensions in the Middle East have also helped prices in recent days.

Russian stock indexes rose higher, helped by a jump in the price for shares in Russian potash producer Uralkali.

The dollar-denominated RTS index was up 0.7 percent to 1,156 points, while the rouble-based MICEX was also 0.7 percent higher at 2,170 points.

Uralkali shares rose 2 percent after it offered to buy back shares above the market price from shareholders opposed to its proposed delisting and other deals.

For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=

For Russian equities guide see

For Russian treasury bonds see

Russia in graphics: (Reporting by Jack Stubbs; Editing by Jeremy Gaunt)

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