The Russian currency lost 0.3% to trade at 79.26 versus the euro and shed 0.3% against the yuan to 10.83 .
The rouble's weakening from around the 68 mark to the dollar in mid-January to current levels can be explained mainly by foreign exchange market dynamics and imports, Alfa Capital analysts said. Some Russian exporters have been exempt from having to sell foreign exchange revenues for roubles under inter-government agreements since Feb. 6, in a slight easing of the capital controls that supported the rouble throughout 2022.
"According to many indirect signs, one can see the recovery of imports due to new supply chains through friendly countries, therefore, demand for foreign currency from importers has increased," the Alfa Capital analysts said.
The Russian government has been selling 8.9 billion roubles
($120.8 million) of foreign currency per day to plug a budget
deficit that has soared because of lower oil and gas revenues.
Expectations for weaker energy revenue were also weighing on
the Russian currency after the central bank cut its Urals oil
price forecast on Friday. The bank dropped its projected average
price for the rest of the year to $55 a barrel, down from its
previous forecast of $70.
Brent crude oil , a global benchmark for Russia's main export, was down 0.5% at $86.2 a barrel. Russian stock indexes were lower. The dollar-denominated RTS index was down 1% to 956.2 points, its weakest mark since Jan. 6. The rouble-based MOEX Russian index was 0.9% lower at 2,243.0 points. For Russian equities guide see For Russian treasury bonds see ($1 = 73.7000 roubles) (Reporting by Alexander Marrow; Editing by Jamie Freed)
