Russian ruble weakens past 80 vs dollar for first time in almost a year

Published: Updated:
Enable Read mode
100% Font Size

The Russian ruble fell to a near one-year low past 80 to the dollar on Thursday as lower foreign exchange supplies and capital outflows combined with limited liquidity to outweigh support from relatively strong oil prices.

For the latest headlines, follow our Google News channel online or via the app.


At 0812 GMT, the ruble was 0.6 percent weaker against the dollar at 80.33, its weakest since April 18, 2022.

In the near term, the ruble is likely to continue weakening towards 81 against the dollar, but the potential for a corrective strengthening of the ruble remains, Bank St Petersburg analysts said in a note.

The ruble lost 0.4 percent to trade at 87.65 versus the euro and shed 0.7 percent against the yuan to 11.65 .

Brent crude oil, a global benchmark for Russia’s main export, was down 0.7 percent at $84.4 a barrel, but still far higher than last week’s levels.

Although higher oil prices usually boost the ruble, tighter foreign exchange supplies are hurting the Russian currency. Month-end tax payments that usually see exporters convert foreign exchange revenues into rubles were due last week.

Analysts say capital outflows from Western investors selling assets, wealthy Russians converting rubles and periodic Eurobond payments that require swift conversion into hard currency, are partially behind the ruble weakness.

Russian stock indexes were higher on Thursday.

The dollar-denominated RTS index was up 0.1 percent to 988.2 points. The ruble-based MOEX Russian index was 0.8 percent higher at 2,519.9 points.

Read more:

Ruble tumbles to its weakest against the dollar in almost a year

Russian ruble soars as US banking intervention hurts dollar

Russia seeks direct ruble payment system with Bangladesh

Top Content Trending