The rouble weakened on Tuesday despite increased demand for the currency ahead of month-end tax payments as President Vladimir Putin prepares to update Russia’s political and military elite on the Ukraine conflict.
At 0732 GMT the rouble was 0.7% weaker against the dollar at 75.05 , edging closer to an almost 10-month low of 75.30 hit on Friday.
The Russian currency had lost 0.5% to 80.04 versus the euro and was down 0.2% against the yuan at 10.89.
Putin will address members of both houses of parliament on Tuesday, nearly a year since despatching tens of thousands of troops into Ukraine in a move that has triggered the biggest confrontation with the West since the depths of the Cold War.
The rouble is usually in greater demand before month-end taxes are due on Feb. 28, when exporters typically convert their foreign currency revenue.
“The weakening in the first half of February is to a large degree linked with psychological pessimism over the expectation of new sanctions,” said Andrei Kochetkov, lead analyst at Otkritie Research.
This report’s information was first seen on REUTERS; to read more, click this link.
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