The Russian rouble dipped beyond the notable mark of 100 per dollar, but rebounded slightly during early transactions, as Moscow grapples with a diminishing current account surplus.
In August, the rouble’s previous decline to three-digit figures prompted the Bank of Russia to urgently raise its rate by 350 basis points to 12pc. Officials also considered re-implementing measures to bolster the currency.
Early in the trading day, the rouble briefly touched 100.2550, marking a more than seven-week low, before appreciating to 99.43, 0.2pc up against the dollar. It depreciated 0.1pc to 120.10 versus the pound, but rose 0.6pc, reaching 104.29 against the euro.
Brent crude oil, a key reference for Russia’s primary export, decreased by 0.8pc, reaching $90 a barrel, the lowest in nearly a month, though still surpassing its 2023 average.
Typically, the Russian rouble faces stress at the beginning of each month. This is due to the end of a favourable tax phase, during which exporters usually exchange their foreign earnings to cover domestic obligations.
