MOSCOW: The Russian rouble fell sharply to a near one-year low past 81 to the dollar on Thursday as tight foreign exchange supplies and capital outflows combined with limited liquidity to outweigh support from strong oil prices.
By 1212 GMT, the rouble was 1.4% weaker against the dollar at 80.95, earlier hitting 81.0375, its weakest since April 15, 2022.
In the near term, the rouble is likely to continue weakening towards 81 against the dollar, but the potential for a corrective strengthening of the rouble remains, Bank St Petersburg analysts said in a note. The rouble lost 1.4% to trade at 88.53 versus the euro and shed 1.5% against the yuan to 11.75 , in both cases a near one-year low.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.4% at $85.3 a barrel. Although higher oil prices usually boost the rouble, tighter foreign exchange supplies are hurting the Russian currency. Month-end tax payments that usually see exporters convert foreign exchange revenues into roubles were due last week.
Finance Minister Anton Siluanov made a verbal intervention on Thursday.
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