Russian rouble slumps to weakest vs US dollar since late April

The Russian rouble slid to its weakest level against the dollar since late April on Thursday, driven down by market demand for foreign currency and Russia’s lower export earnings.

At 0550 GMT, the rouble was 1.1% weaker against the dollar at 73.10, after hitting its lowest point since April 27, 2022 at 73.3850 earlier in the session.

It had lost 1.2% to trade at 78.35 versus the euro and shed 0.9% against the yuan to 10.77.

Russia is now selling 8.9 billion roubles ($121.83 million)worth of foreign currency per day, compensating for lower oil and gas revenues, down 46.4% year-on-year in January.

Russian rouble slides to one-month low vs dollar

Slumping energy revenues and soaring expenditure pushed Russia’s federal budget to a deficit of about $25 billion in January, as sanctions and the cost of Moscow’s military campaign in Ukraine weigh on the economy.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.1% at $85.2 a barrel.

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *