Rouble weakens beyond 110 to US dollar

MOSCOW: The Russian rouble weakened beyond the 110 mark to the US dollar on Wednesday, a threshold that some analysts believe could prompt authorities to take action to support the currency, which has fallen by more than 24% since early August.

The rouble’s fall caught off guard economists who had expected the Russian currency to hit the 100 mark against the dollar in one year, according to the Reuters poll in early November. It hit a 32-month low last week.

By 1430 GMT the rouble was down 7.11% since the start of Wednesday’s trade at 113.00 to the dollar, according to LSEG data. It also broke through the 15 mark against China’s yuan, also the lowest level since March 2022, the first month of Russia’s invasion of Ukraine.