The ruble fell to a 10-month low against the dollar in trading on Tuesday, following Ukraine’s unexpected attack a week ago on Russia’s Kursk region, but rebounded to its open.
Data from the London Stock Exchange Group indicated that the ruble stabilized at 90.99 against the dollar, after falling to 96.60, its lowest level since October 20, 2023.
The ruble has lost 6.2% since the start of the Ukrainian attack on Kursk on August 6.
Trading in major currencies moved to the over-the-counter market, obscuring pricing data, after Western sanctions were imposed on the Moscow Exchange and its clearing agent, the National Clearing House, on June 12.
One-day ruble-dollar futures on the Moscow Exchange, which serve as a benchmark for over-the-counter market prices, fell 0.4% on the day to 89.60. In the previous day’s trading, futures lost 2.5%.
The central bank set the official exchange rate, which it calculates based on off-exchange data, at 92.65 to the dollar on Wednesday, up 3% from the rate set today.
The ruble continued to weaken against the dollar and the euro despite support from higher oil prices and an increase in daily net sales of the yuan by the central bank and the finance ministry.
According to an analysis of the over-the-counter market, the ruble fell 1.3% to 12.07 against the Chinese currency (yuan), which has become the most traded foreign currency in Moscow.
During trading, the ruble touched 12.11 against the yuan, the weakest level since June 24.
The ruble fell 0.2% to 99.70 against the euro. The central bank’s official exchange rate was 96.69 against the euro, according to data from the London Stock Exchange Group.
Brent crude, the global benchmark for Russia’s main exports, fell 1% to $81.24 a barrel as markets saw a decline in the risk of a wider war in the Middle East.
