Russian rouble slides past 75 vs dollar to near 10-month low
3:14 am Friday, February 17th, 2023
MOSCOW (Reuters) – The Russian rouble fell past 75 to the dollar on Friday, extending a recent weakening trend sparked by embargoes on Russian oil products and the steady recovery of imports, which has raised demand for foreign currency.
At 0706 GMT, the rouble was 0.4% weaker against the dollar at 75.15, falling to 75.2525 earlier in the session, its weakest mark since April 25.
It had lost 0.1% to trade at 79.99 versus the euro and shed 0.3% against the yuan to 10.90.
The Russian currency may face further headwinds as EU leaders discuss a new batch of sanctions against Russia over its actions in Ukraine, with politicians, military leaders and Russian banks expected to be targeted.
Russia’s finance ministry on Friday said it was sticking with plans to post a budget deficit of no more than 2% of gross domestic product (GDP) in 2023, despite towering spending and slumping energy revenues contributing to a huge shortfall in January.
Brent crude oil, a global benchmark for Russia’s main export, was down 1.3% at $84.0 a barrel.
Russian stock indexes were lower.
Sinara Investment Bank analysts said stocks could see a moderate decline before the weekend, with buyers unlikely to show much interest before President Vladimir Putin’s annual showcase address to parliament, scheduled for Feb. 21.
The dollar-denominated RTS index was down 0.6% to 901.4 points, hitting a 10-month low. The rouble-based MOEX Russian index was 0.2% lower at 2,147.3 points.
(Reporting by Alexander Marrow; Editing by Robert Birsel)
