Russian rouble slips towards 61 vs dollar while shares edge lower

·2 min read

* This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Aug 10 (Reuters) - The Russian rouble weakened slightly on Wednesday, sliding towards 61 against the dollar, while stock indexes edged lower in light trade.

By 0732 GMT the rouble had eased by 0.4% to 60.41 versus the dollar, trading in a range between 59 and 62 for the seventh day in a row. It was steady at 61.57 against the euro.

Analysts say the rouble has found a new balance after months of elevated volatility. The currency slid to a record low in March after Russia sent tens of thousands of troops into Ukraine on Feb. 24 but rallied to a seven-year high in June.

The rouble is the best-performing currency this year thanks to capital controls that Russia imposed to shield its economy and the financial system from sweeping Western sanctions.

Russian stock indexes were also down on Wednesday.

The dollar-denominated RTS index shed 0.3% to 1,112.8 points while the rouble-based MOEX Russian index was down 0.1% at 2,134.0 points.

"The Russian market may cool off as it is not technically overbought any more and the deadline for Russian depositary receipts to be converted into shares is looming," BCS Global Markets said in a note.

Depositary receipts (GDRs) of Russian companies that were traded on foreign exchanges and held in Russian depositories will be automatically converted into shares on the Moscow Exchange from Aug. 15 in an effort to reduce foreign control over such companies amid Western sanctions.

For Russian equities guide see

For Russian treasury bonds see

(Reporting by Reuters Editing by David Goodman )