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  • Writer's pictureanalysiswatch

Title : Rouble hits more than three-month low on Ukraine escalation fears


Oct 11, 2022 03:56 AM ET

By:AnalysisWatch


The Russian ruble fell to a more than three-month low near 64 against the dollar on Tuesday, hit by escalating geopolitical risks related to the conflict in Ukraine and reduced foreign currency supply among exporting companies.


At 0747 GMT, the ruble was losing 1.8% against the dollar at 63.80 (RUBUTSTN=MCX), its lowest level since July 7.


It had lost 1.1%, trading at 62.10 against the euro.


The Chinese mainland fell 0.8% against the yuan to 8.73 (CNYRUBTOM=MCX).


"During the session, we expect pressure on the ruble to continue against the backdrop of lower currency supply from exporters," Banki.ru analyst Bogdan Zvarich said in a note.


Promsvyazbank analyst Yevgeny Loktyukhov pointed to the escalation in Ukraine and the retreat in oil prices as the reasons for the ruble's fall.

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