The Russian ruble slumped to a more than 15-month low against the dollar and euro on Friday, weighed down by domestic political risk concerns after an aborted armed mutiny over the weekend and lacking any support drivers.
By 10:00 GMT, the ruble was 0.8% weaker against the dollar at 88.25 after earlier hitting 88.6775, its weakest point since March 29, 2022.
"The ruble continues to crumble," Alor Broker said in a note. "It lost another 1.4% in value yesterday, despite stabilizing oil.Capital controls have helped insulate the ruble against geopolitics in the 16 months since Russia invaded Ukraine, but mercenary leader Yevgeny Prigozhin's aborted weekend march toward Moscow reverberated through markets and left questions over President Vladimir Putin's grip on power.
The Bank of Russia's Deputy Governor Alexei Zabotkin said reduced export revenues and the balance of payments were determining the ruble's weakening, which he said carried no risks to financial stability. Brent crude oil, a global benchmark for Russia's main export, was up 0.6% at $74.75 a barrel. Russian stock indexes were lower.
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