The Russian ruble hit a 10-month low of nearly 75 to the dollar on Thursday on lower foreign exchange earnings from oil and gas exports and concerns about a possible new round of EU sanctions against Moscow, Reuters reported.
The ruble fell 0.4% against the dollar to 74.8 at 07:44 GMT (09:44 Romania), after also hitting 74.91, the weakest level since April 25, 2022.
It also lost 0.3% against the euro to 80.1 units per euro and depreciated 0.3% against the Chinese yuan.
Russia’s currency has depreciated this year on falling energy revenues as the European Union embargo on Russian oil and G7 price caps hit exports.
The central bank expects Russia’s current account surplus, which shrank 58.2 percent in January, to fall to $66 billion this year as imports recover and exports deteriorate, putting pressure on the ruble.
The Russian currency could face further headwinds as EU leaders discuss a new round of sanctions against Russia over its actions in Ukraine, targeting Russian politicians, military leaders and banks.
However, the Russian currency could recover during Thursday’s session as rising oil prices and strong demand for the ruble from exporting companies help strengthen it, Banki.ru chief analyst Bohdan Zvarychi said.
Source: Hot News
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