MOSCOW: The Russian rouble weakened against the U.S. dollar ahead of U.S. President Donald Trump’s expected “major statement” on Russia with analysts expecting more volatility on the forex market.
At 0800 GMT, the rouble was 0.6% weaker at 78.45 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The Russian currency is up by about 45% against the dollar since the start of the year.
Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia’s intensifying bombardment of Ukrainian cities.
Russian rouble weakens vs US dollar for the first time since July 3
“The focus is on the announcement by the U.S. president’s administration regarding Russia, scheduled for the beginning of the week, which may add volatility to currency exchange rates,” said Maxim Timoshenko from Russian Standard bank.
Against the Chinese yuan, the most traded foreign currency in Russia, the rouble strengthened by 0.2% to 10.93 after weakening by over 1% during Friday’s session.
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