The Russian rouble slumped to an eight-month low against the dollar on Thursday, struggling under the weight of expectations that sanctions on Russian oil and gas may limit export revenues.
By 0717 GMT, the rouble was 0.9% weaker against the dollar at 72.83 , its weakest point since April 27.The rouble has now lost the key support of a month-end tax period that usually sees exporters convert foreign currency revenues into roubles to pay domestic liabilities, while recovering imports have combined with falling exports to also exert pressure.
"The fundamental factor in the form of the change in current account parameters, where exports have decreased and imports risen, is putting noticeable pressure on the rouble's position," said Alfa Capital in a note.President Vladimir Putin this week delivered Russia's long-awaited response to a Western oil price cap, signing athat bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by it.
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