The Russian rouble hit a near eight-week low on Thursday past 82 against the dollar, buffeted by geopolitical risks and twitchy oil prices, while exporters’ foreign currency conversions only offered limited support.
At 0713 GMT, the rouble was unchanged against the dollar at 82.01 after earlier hitting 82.2150, its weakest since April 12.
Some improvement in oil prices restrained the rouble’s weakening in the previous session, but rouble selling may intensify on Thursday and the currency could consolidate beyond the 82 mark, said Bogdan Zvarich, chief analyst at Banki.ru.
The rouble had lost 0.2% to trade at 87.87 versus the euro . It had shed 0.1% against the yuan to 11.49.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.2% at $77.13 a barrel.
Brent has swung between around $72 and $78 this month.
Foreign currency conversion by exporters to pay dividends is a support factor, but FX supply is typically lower earlier in the month as taxes, for which exporters accumulate roubles, are due towards the end of the month.
Russian rouble steadies as geopolitical risks intensify
Russian stock indexes were higher.
The dollar-denominated RTS index was up 0.2% to 1,038.5 points. The rouble-based MOEX Russian index was 0.3% higher at 2,703.2 points.
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