The ruble has fallen almost 3% versus the dollar, failing to sustain a recovery from last week’s decline, as the market adjusts to the potential of weaker export earnings as a result of Russian oil export limitations.
Following the implementation of an oil embargo and price cap, the rouble lost almost 8% versus the dollar last week and is on track for a significant monthly fall. The finance ministry attributed the recent decline to rising imports.
By 15:19 GMT Tuesday, the ruble was 3% lower against the dollar at 71.36, edging closer to last week’s nearly eight-month low of 72.6325.
The ruble fell 3.4% against the euro to 76.03 against one euro. At 10.09, it was down 3.3% against the yuan.
Supported by capital controls and decreased imports, the ruble has maintained its status as the strongest performing major currency against the dollar through 2022.
First Deputy Prime Minister Andrei Belousov said the period of strength had “played its role”, and that a weakened ruble would be advantageous due to decreased exports and income.
“The strong ruble has played its role,” said Belousov. “In these conditions, it would be good to have a ruble rate of 70-80 per dollar.”