Russia’s main index on the Moscow Exchange opened almost 10 percent lower after the long weekend holiday on Tuesday, before recovering most of its losses during the afternoon trade, but still down about four percent.

Russian stock exchanges were closed Monday for a public holiday and are now catching up with global markets, which posted their steepest falls since the 2008 financial crisis to start the week after oil prices crashed over the weekend.

The main MOEX Index was down around four percent by 2:00pm local time, according to data of the Moscow Exchange. The RTS dollar index was down about eight percent.

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The Russian currency rebounded slightly after collapsing nearly eight percent versus the US dollar on Monday, currently trading above 72 rubles against the greenback and 82 against the euro. The ruble’s rapid depreciation was caused by the collapse in global oil prices, with the Russian government budget partially dependent on crude exports.

The head of the Central Bank of Russia (CBR) says there are no immediate problems with the liquidity on the market. CBR’s First Deputy Governor Kseniya Yudayeva announced on Tuesday that the regulator has a wide range of measures previously tested and will continue to analyze the situation.

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Oil prices collapsed over the weekend after the disagreement between Russia and the Organization of the Petroleum Exporting Countries (OPEC) on deeper production cuts aimed at supporting global crude prices amid falling demand due to the coronavirus outbreak.

Crude prices bounced back about nine percent on Tuesday from the biggest one-day rout in nearly 30 years, as investors eye the possibility of economic stimulus. Benchmark Brent rose to above $37 a barrel, while US West Texas Intermediate (WTI) crude was trading at around $34 a barrel.

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