MOSCOW: The Russian rouble lost more than 1% against the dollar on Friday, sinking to a more than seven-month low as oil prices dived and as geopolitical concerns that have buffeted Russian assets all week remained on investors' minds.
A global increase in risk aversion related to the detection of a new coronavirus variant also put pressure on the rouble.
At 0650 GMT, the rouble was 0.9% weaker against the dollar at 75.34, earlier hitting 75.78, its weakest point since April 22.
It had lost 1% to trade at 84.60 versus the euro, earlier passing the 85 mark for the first time since lat September.
The backdrop was particularly unfavourable for the rouble on Friday, said Promsvyazbank analysts in a note, suggesting that the currency would end the day trading nearer to 76 versus the greenback.
The rouble has fallen in the past few weeks, weakening from a multi-month peak of 69.21 in late October, coming under selling pressure related to Western concerns over possible Russian military intervention in Ukraine.
Russia has dismissed such concerns and has also complained about increasing activity in the region by the NATO military alliance.
Brent crude oil, a global benchmark for Russia's main export, was down 2.8% at $79.95 a barrel.
Comments
Comments are closed.