Russian Rouble Continues Downward Trend Amid Reduced Currency Inflows

The Russian rouble weakened against the dollar and other major currencies, continuing a downward trend due to reduced foreign currency inflows and recent sanctions impacting the Moscow Exchange. By early Monday, the rouble had lost 0.3% against the dollar, 0.3% against the yuan, and 0.1% against the euro. Brent crude oil also saw a minor decline.

On Monday, the Russian rouble's downward trend persisted against the dollar, pressured by reduced foreign currency inflows at the month's start following a surprise strengthening late last week. By 0725 GMT, the rouble had dipped 0.3% to 88.20 against the dollar.

Since late June, the rouble has steadily weakened, coinciding with a reduction in foreign currency supply from exporters who generally convert FX revenues to roubles at each month's end. Sanctions on the Moscow Exchange and the National Clearing Centre have pushed trading to the over-the-counter market since June 14, complicating access to reliable pricing for the Russian currency.

Against the yuan, the rouble fell by 0.3% to 12.00, while it decreased 0.1% to 95.52 against the euro. Brent crude oil, a key export for Russia, also saw a decline of 0.4%, trading at $86.17 per barrel.

(With inputs from agencies.)