MOSCOW (Reuters) – The Russian ruble weakened to a 10-month low against the dollar in Tuesday’s trading session after Ukraine’s unexpected attack on Russia’s Kursk region a week ago, but then recovered to opening levels of the day.
At 1500 GMT, the ruble was flat at 90.99 per dollar, according to LSEG data, after falling to 96.60, its lowest level since October 20, 2023. Since the attack began on August 6, the ruble has fallen by 6. down 2%.
Trading in major currencies shifted to the over-the-counter (OTC) market, leaving price data unclear, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Center, were introduced on June 12.
One-day ruble-dollar futures, which trade on the Moscow exchange and guide OTC market rates, fell 0.4% to 89.60 on Tuesday. During the previous day’s trading, futures lost 2.5%.
The central bank’s official exchange rate, which it calculates from OTC data, was set at 92.65 for Wednesday, a 3% increase over the rate set for Tuesday.
The weakening of the ruble against the dollar and the euro has continued despite the support of higher oil prices and increased net daily sales of yuan by the central bank and the Ministry of Finance.
By 1500 GMT, the ruble had weakened 1.3% to 12.07 against the , which has become the most traded foreign currency in Moscow, according to an analysis of the OTC market. In trading, the ruble was trading at 12.11 against the yuan, its weakest since June 24.
The rate fell 0.2% to 99.70 against the euro, according to LSEG data. The central bank’s official exchange rate was 96.69 rubles for the euro.
a global benchmark for Russia’s top export, fell 1.0% to $81.24 a barrel as markets reduced the risk of a wider war in the Middle East.
