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Rouble plunges below 68 per dollar to hit over 7-month low

19 December 2022 19:16 (UTC +04:00)

The Russian rouble slumped past 68 per U.S. dollar to a more than seven-month low on Monday, hurt by low oil prices and fears that sanctions on Russian oil could crimp the country's export revenue, APA reports citing Reuters.

By 1248 GMT, the rouble was 5.3% weaker against the dollar at 68.02 , its weakest mark since May 11.

The currency also lost 4.2% to trade at 72.00 against the euro , its weakest since May 6. It shed 5% versus the yuan to 9.74 , its weakest level since early July.

"If the rouble holds above 65 (which could happen if exporters remain inactive in spite of the looming tax and dividend payments), we could see it move into the 67-70 range before long," said SberCIB Investment Research in a note.

Relatively low oil prices and risks of lower export revenue in the light of the $60-a-barrel price cap on Russian oil imposed by the G7, the European Union and Australia, have pressured the rouble.