Ruble broke through 70 mark against dollar
2022.12.21 01:55
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Ruble broke through 70 mark against dollar
Budrigannews.com – The rouble plunged to its most vulnerable level since early May past 70 against the dollar in early exchange on Wednesday, broadening week after week misfortunes with fears over sanctions on Russian oil and gas scaring the market.
After reaching 70.6775 earlier, the rouble was down 1.9 percent against the dollar at 0608 GMT, reaching 70.20.
It had previously crossed the 75 threshold for the first time since late April, despite losing 1.4% to trade at 74.50 versus the euro. It had fallen to 10.05 against the yuan, its lowest level in nearly seven months, by 1.6%.
Fears that an oil price cap and embargo will reduce Russia’s export revenues have hampered the rouble’s performance against the dollar this week, which has already seen it lose more than 7%.
Rachel Ziemba, the founder of Ziemba Insights, stated, “The weakening of Russia’s balance of payments has been catching up to the rouble.” Due to Russia’s drastic reduction in gas exports and the EU’s oil embargo, oil revenues have decreased in recent months.
at $80.2 a barrel, a global benchmark for Russia’s primary export, was up 0.3 percent.
More Asian markets digested actions Bank of Japan
Supported by capital controls and an initial decline in imports as a result of Western sanctions on Russia for its actions in Ukraine, the rouble is still the world’s best-performing currency this year.
