Russian stock market opens higher, yuan turns lower after initial gains

Russian stock market opens higher, yuan turns lower after initial gains As of 10:00 a.m. Moscow time, the MOEX Index and the RTS Index both climbed 4.02% at the opening bell, reaching 2,081.5 and 837.09, respectivelyMOSCOW, July 21. /TASS/. The Russian stock market opened higher at the start of the main trading session, according to Moscow Exchange data, while the Chinese yuan turned lower after an initial uptick at the open. As of 10:00 a.m. Moscow time, the benchmark MOEX Russia Index and the dollar-denominated RTS Index both climbed 4.02% at the opening bell, reaching 2,081.5 and 837.09 points, respectively. Meanwhile, the yuan-to-ruble exchange rate rose by 2.2 kopecks from the previous session's close to stand at 11.663 rubles. By 10:40 a.m. Moscow time, the MOEX Index pared gains slightly, slowing to 2,059.66 points (+2.95%), while the RTS Index stood at 828.49 points (+2.95%). At the same time, the yuan declined to 11.6095 rubles (down 3.15 kopecks). Earlier, the broader Moscow Exchange Index (IMOEX2), which tracks both morning and main sessions, rose 2.59% to 2,052.41 points at the opening of the morning trading session, according to data as of 7:00 a.m. Moscow time. 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