The Russian rouble dived towards 101 against the dollar on Tuesday, heading back towards a more than 18-month low reached in the previous session, under pressure from domestic demand for foreign currency and a drop in oil prices.
At 0743 GMT, the rouble was 1.2% weaker against the dollar at 100.48. It fell to its weakest point since March, 2022 on Monday at 102.3450.
It had lost 1.3% to trade at 106.12 versus the euro and shed 1.2% against the yuan to 13.74.
“If large volumes (of FX) for sale come, as yesterday, in the second half of trading, the rouble could strengthen at the end of the day,” Promsvyazbank analysts said in a note.
The rouble had strengthened sharply late in the previous session.
The rouble’s last tumble into triple digits in August led the Bank of Russia to make an emergency 350 basis-point rate hike to 12% and authorities to discuss reintroducing controls to buttress the currency, but interventions – verbal or otherwise – have been more limited this time around.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.3% at $87.86 a barrel, giving up some of the previous session’s gains.
Russian stock indexes were lower
The dollar-denominated RTS index was down 1.1% to 995.8 points. The rouble-based MOEX Russian index was 0.1% lower at 3,171.6 points.