MOSCOW (Reuters) – The Russian rouble fell to a 10-month low against the dollar during trading on Tuesday following an unexpected Ukrainian attack a week ago on Russia’s Kursk region but then rebounded to the day’s opening level.
By 1500 GMT, the rouble was steady at 90.99 against the dollar, according to London Stock Exchange data, after falling to 96.60, its lowest since Oct. 20, 2023. It has lost 6.2% since the attack began on Aug. 6.
Trading in major currencies has moved to the over-the-counter (OTC) market, with pricing data obscured, after Western sanctions were imposed on the Moscow Exchange and its clearing agent, the National Clearing House, on June 12.
One-day ruble-dollar futures, which are traded on the Moscow Exchange and serve as a benchmark for over-the-counter market prices, fell 0.4% on Tuesday to 89.60. The futures lost 2.5% on the previous day.
The central bank set the official exchange rate, which it calculates using off-exchange data, at 92.65 to the dollar on Wednesday, up 3% from the rate set on Tuesday.
The ruble continued to weaken against the dollar and the euro despite support from higher oil prices and increased daily net sales of the yuan by the central bank and the finance ministry.
According to an analysis of the over-the-counter market, by 1500 GMT, the ruble had fallen by 1.3% to 12.07 against the yuan, which has become the most traded foreign currency in Moscow. During trading, the ruble touched 12.11 against the yuan, its weakest level since June 24.
The ruble fell 0.2 percent to 99.70 against the euro, according to data from the London Stock Exchange. The central bank’s official exchange rate was 96.69 rubles to the euro.
The price of a barrel of Russian crude oil (Nymex), a global benchmark for Russia’s main exports, fell by 1.0% to $81.24 a barrel, as markets saw a decrease in the risk of a wider war in the Middle East.