The Russian rouble has fallen to a two-month low against the euro-dollar basket yesterday (9 July) due to a shrinking of oil prices. However, the Central Bank says the fall is not yet steep enough to warrant interventions.

The rouble weakened to 37.57 against the euro-dollar basket during Thursday and closed down 0.24 per cent, finishing at 37.51.

Some analysts suggested that the Central Bank is only likely to intervene again if there is a much more severe fall, such as 2 per cent in a single day.

On Wednesday the price of oil dipped below $60 per barrel or the first time since May 2009 and analysts predict that further falls could be on the cards, which, in turn, leaves the rouble vulnerable to value dips.

Despite the dip, it was not all doom and gloom for the rouble this week. Finance Minister, Alexei Kudrin, announced that a higher trade surplus had been recorded in May this year, as a result of a fall in exports and a rise in imports.