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Russian rouble drops to 7-month low vs dollar as oil prices slide

Mount Equity Group Tokyo, Japan > News > Markets > Russian rouble drops to 7-month low vs dollar as oil prices slide

MOSCOW, Nov 26 (Reuters) – The Russian rouble lost more than 1% against the dollar on Friday, sinking to a more than seven-month low as oil prices dived and as geopolitical concerns that have buffeted Russian assets all week remained on investors’ minds.

A global increase in risk aversion related to the detection of a new coronavirus variant also put pressure on the rouble. read more

At 0650 GMT, the rouble was 0.9% weaker against the dollar at 75.34 , earlier hitting 75.78, its weakest point since April 22.

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It had lost 1% to trade at 84.60 versus the euro , earlier passing the 85 mark for the first time since lat September.

The backdrop was particularly unfavourable for the rouble on Friday, said Promsvyazbank analysts in a note, suggesting that the currency would end the day trading nearer to 76 versus the greenback.

The rouble has fallen in the past few weeks, weakening…

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