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The rouble weakened past 101 to the dollar on Monday, still hampered by the reduced supply of foreign currency into Russia and struggling to latch on to higher oil prices as the violence in Israel hurt risk appetite.

At 0731 GMT, the rouble was 0.7% weaker against the dollar at 101.11, heading back towards the seven-week low of 101.50, hit on Friday.

It had lost 0.8% to trade at 106.59 versus the euro and shed 1.1% against the yuan to 13.86.

The rouble’s last tumble into triple digits in August led the Bank of Russia to make an emergency 350 basis-point rate hike to 12% and authorities to discuss reintroducing controls to buttress the currency, but interventions - verbal or otherwise - have been more limited this time around.

Rates were lifted to 13% in September and analysts polled by Reuters expect the central bank to hike again on Oct. 27, with persistent rouble weakness among the factors limiting Russia’s long-term growth prospects.

Brent crude oil, a global benchmark for Russia’s main export, was up 2.8% at $86.93 a barrel, lifted by the military conflict in the Middle East. Russia’s finance ministry’s expects tax revenues from energy companies to rise in October.

“If these forecasts come true, then oil companies will have to sharply increase the volume of sales of FX revenues for settlements with the budget,” said Alor Broker’s Alexei Antonov. He said that exporters were unlikely to limit FX sales until the end of the month, when taxes are due, meaning that the rouble could start recovering this week.

Rouble recovers after slump to seven-week low past 101 vs dollar

Russian stock indexes were higher, led by oil companies.

The dollar-denominated RTS index was up 0.5% to 991.6 points. The rouble-based MOEX Russian index was 1.2% higher at 3,183.5 points, a three-week high.

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