Rouble slides against US dollar

Sep 13th, 2011 | By | Category: Rouble News

The rouble slid to its weakest level against the US dollar yesterday since the first trading day of the year.

Data from Reuters revealed that the Russian currency stood at 30.31 versus the dollar at opening trade on Monday (12 September). By 06:09GMT, the rouble had dropped by a further 1.1 per cent to reach 30.28 on the MICEX exchange, although it remained almost unchanged at 41.05 against the euro.

Pressure from a continuing sell-off on stock and commodity markets accounted for some of the rouble's losses.

The rouble has also experienced difficulties recently due to the difficult economic climate, with earlier drops in value associated with poor investor confidence and a general level of fragility across the global economy. Reports also suggest that ongoing concern regarding the chances of a Greek debt default are weighing heavy on a number of currencies.

While oil prices have also played their part, they have largely remained strong enough to prevent significant losses for the rouble. However, analysts have predicted that the Russian coin could experience some short-term weakness against the US dollar should the oil market experience any further dips in value.

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