Oct 3 Reuters The Russian rouble weakened past the symbolic threshold of 100 to the dollar before recovering slightly in early trade on Tuesday, weighed down by foreign currency outflows and the country39;s shrinking current account surplus.

The rouble39;s last tumble into triple digits in August led the Bank of Russia to make an emergency 350basispoint rate hike to 12 and authorities discussed reintroducing controls to buttress the currency.

By 0605 GMT, the rouble was 0.4 weaker against the dollar at 99.41, having hit 100.2550 in early trade, a more than sevenweek low.

It had gained 0.8 to trade at 104.11 versus the euro and firmed 0.3 against the yuan to 13.56 .

Brent crude oil , a global benchmark for Russia39;s main export, was down 1.1 at 89.70 a barrel, its weakest in almost a month, but still well above its 2023 average.

The Russian currency tends to come under pressure at the start of each month, after losing the support of a favourable monthend tax period that usually sees exporters convert FX revenues to meet local liabilities.

Expensive oil and an increase in the key rate are improving the outlook for the rouble, but in the mediumterm, Promsvyazbank analysts said. They expected the rouble to make a shortlived move beyond 100 to the dollar in the absence of new support measures from the authorities.

President Vladimir Putin39;s economic adviser rebuked the central bank as the rouble slid to 101.75 per dollar in August, blaming its loose policy in a…

Leave A Comment