MOSCOW: The Russian rouble fell to a more than one-month low past 93 to the dollar on Wednesday, under pressure from exporters’ reduced foreign currency sales at the start of the month and citizens’ rising demand for FX ahead of Russia’s long New Year holidays.

At 0733 GMT, the rouble was 0.7% weaker against the dollar at 92.90, earlier hitting 93.04, its weakest point since Nov. 3.

It lost 0.3% to trade at 100.28 versus the euro and shed 0.8% against the yuan to 12.98.

The rouble has now lost support from the month-end tax period, for which Russian exporters usually convert foreign currency into roubles.

Before last week, the currency had enjoyed seven weeks of gains.

It has rebounded from more than 100 to the dollar, thanks to reduced capital outflows since President Vladimir Putin introduced the forced conversion of some foreign currency revenue for exporters in October.

High interest rates are also buttressing the currency.

Russian rouble slides to three-week low against the dollar

Analysts polled by Reuters expect the Bank of Russia to raise rates to 16% on Dec. 15.

However, most economists polled expect the rouble to weaken in 2024.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.3% at $77.39 a barrel.

Russian stock indexes were mixed.

The dollar-denominated RTS index was down 0.5% to 1,061.2 points.

The rouble-based MOEX Russian index was unchanged at 3,130.4 points.