The rouble has reached its lowest level against the dollar this year after the price of Russia's biggest export dropped below $73 a barrel. Crude fell $72.67 in New York, down from $75.95 at the close of Moscow's official currency trading yesterday.

Having lost six per cent, Russia's Urals oil blend - a major driver for the country's economy, as well as its currency - is on track for its biggest two-day decline since September.

In its worst daily showing for 2010 so far, the rouble eased to 30.56 per dollar as Russian funds witnessed an outflow for a second week.

Analysts commented that sellers will dominate among Russian participants while the mood on the international market remains pessimistic.

Other factors weighing on the rouble include an abundance of liquidity on the domestic market, with easy cash available to buy dollars, and a lack of domestic demand. The latter is known to peak towards the end of the month when exporters face the need to convert foreign currency earnings to pay taxes.

Significant such sales on the part of exporters are not anticipated by dealers, however.

On a positive note, the rouble traded at 41.80 against the euro.