The rouble weakened on Wednesday, sliding past the 71 mark against the dollar, as sanctions on Russian oil and their probable impact on export revenues put pressure on the Russian currency.
The rouble lost about 8% against the dollar last week and is on course for a hefty monthly decline after an oil embargo and price cap came into force. The finance ministry has said the recent slump is related to recovering imports.
At 0705 GMT, the rouble was 1.1% weaker against the dollar at 71.19 , moving in the direction of the almost eight-month low of 72.6325 struck last week.Though trading in a narrower band early on Wednesday, the rouble has experienced high volatility in the past two weeks and is liable to sharp swings amid smaller trading volumes in the run up to Russia's New Year holidays.
"The newly imposed Western sanctions have contributed to the recent falls in energy prices, which is certainly putting pressure on the rouble," said Olga Yangol, head of emerging markets research and strategy for Americas at Credit Agricole CIB. The rouble will be relatively resilient going forward though, Yangol added, expecting the oil price to be mainly driven by geopolitics and for OPEC+ to continue to trim its production in response to market fundamentals.President Vladimir Putin on Tuesday delivered Russia's long-awaited response to the Western price cap, signing a
that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The AP Interview: Ukraine FM aims for February peace summitUkraine’s foreign minister said that his government is aiming to have a peace summit by the end of February, around the one-year anniversary of the start of Russia's war.
Read more »
Doctor Who, The Orville, Suzie, Wednesday & More: BCTV Daily DispatchIn today's BCTV Daily Dispatch, we look at IHateSuzieToo, ChrisRock, DoctorWho, RenewTheOrville, Wednesday, BetterCallSaul, Gangs of London, WhatWeDoInTheShadows, You, ObiWan Kenobi, KevinCanFkHimself, WWE Hall of Fame & more!
Read more »
29 Wednesday Addams-Inspired Items for a Gothic Glam New Year's Eve LookRing in 2023 with gothic glam looks inspired by Wednesday Addams.
Read more »
'Wednesday' Showrunners Reveal Their Expectations for Season 2The series stands tall as the most popular title on the Netflix catalogue.
Read more »
Wednesday Creators Explain Focusing Show On Addams Family DaughterWednesday creators explain why she was a teenager in the series. 'Her sort of fearlessness and her ability to always be herself with something, that was interesting, and we thought, well, 'What if she was a teenage girl?'
Read more »