MOSCOW: On Friday, February 17, the Russian rouble weakened past 75 to the dollar, continuing a recent trend of weakness brought on by sanctions against Russian energy products and the steady increase in imports, which has increased demand for foreign cash. The rouble was 0.4% weaker against the dollar at 75.15 at 7:06 GMT, having earlier reached 75.2525, its lowest level since April 25.
It had dropped 0.1% to trade at 79.99 in relation to the euro and lost 0.3% to 10.90 in relation to the yuan. As EU leaders contemplate fresh sanctions against Russia over its activities in Ukraine, the Russian ruble may experience greater setbacks. Politicians, military commanders, and Russian banks are expected to be singled out.
The Russian finance ministry reiterated its commitment on Friday to maintain a budget deficit of no more than 2% of GDP in 2023, despite soaring spending and declining energy income that contributed to a significant deficit in January. The price of Brent crude oil, the main export from Russia, was down 1.3% at $84.0 per barrel.
The Russian stock indexes fell. Stocks may experience a little decrease over the weekend, according to experts at Sinara Investment Bank, as investors are unlikely to show much interest prior to President Vladimir Putin's upcoming showcase speech to the parliament on February 21.
The dollar-denominated RTS index fell 0.6% to 901.4 points, marking its lowest level in ten months. The MOEX Russian index, which is based on the rouble, fell 0.2% to 2,147.3 points.
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