FEBRUARY 14, 2023
By Reuters Staff
MOSCOW, Feb 14 (Reuters) - The Russian rouble struck its weakest mark since late April on Tuesday, hurt by lower foreign currency revenue inflows from hydrocarbon exports and a continued recovery in imports as companies build new supply chains.
At
0726 GMT, the rouble was 0.1% weaker against the dollar at 73.88, having hit
73.9850 during the session, its lowest point since April 25.
The
Russian currency lost 0.3% to trade at 79.26 versus the euro and shed 0.3%
against the yuan to 10.83 .
The
rouble’s weakening from around the 68 mark to the dollar in mid-January to
current levels can be explained mainly by foreign exchange market dynamics and
imports, Alfa Capital analysts said.
Some
Russian exporters have been exempt from having to sell foreign exchange
revenues for roubles under inter-government agreements since Feb. 6, in a
slight easing of the capital controls that supported the rouble throughout
2022.
“According
to many indirect signs, one can see the recovery of imports due to new supply
chains through friendly countries, therefore, demand for foreign currency from
importers has increased,” the Alfa Capital analysts said.
The
Russian government has been selling 8.9 billion roubles ($120.8 million) of
foreign currency per day to plug a budget deficit that has soared because of
lower oil and gas revenues.
Expectations
for weaker energy revenue were also weighing on the Russian currency after the
central bank cut its Urals oil price forecast on Friday. The bank dropped its
projected average price for the rest of the year to $55 a barrel, down from its
previous forecast of $70.
Brent
crude oil, a global benchmark for Russia’s main export, was down 0.5% at $86.2
a barrel.
Russian
stock indexes were lower.
The
dollar-denominated RTS index was down 1% to 956.2 points, its weakest mark
since Jan. 6. The rouble-based MOEX Russian index was 0.9% lower at 2,243.0
points.
For
Russian equities guide see
For
Russian treasury bonds see ($1 = 73.7000 roubles) (Reporting by Alexander
Marrow; Editing by Jamie Freed)
Our
Standards: The Thomson Reuters Trust
Principles.
Russian Ruble Dips To 10-Month Low Versus Dollar
https://www.rferl.org/a/russia-ruble-dollar-weak-euro/32270891.html
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