*
This content was produced in Russia where the law
restricts
coverage of Russian military operations in Ukraine
(Updates prices, adds analyst comment, background on sanctions)
By Alexander Marrow
MOSCOW, April 4 (Reuters) - The Russian rouble tumbled
to its weakest against the dollar in almost a year on Tuesday,
edging closer to the 80 mark, hampered by a seasonal drop in
foreign currency supply from exporters, in spite of this week's
jump in oil prices.
By 0745 GMT, the rouble was 0.9% weaker against the dollar at 79.49 , its weakest since April 19, 2022.
Against the euro, it was down 1.1% at 86.85 , its weakest since April 15, 2022, and it was 1% weaker against the yuan at 11.55 , an April 25, 2022, low. Oil prices jumped over 6% on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russia announced surprise production target cuts on Sunday, raising fears of tightening supplies.
On Tuesday, Brent crude oil , a global benchmark for Russia's main export, was up 0.9% at $85.7 a barrel. Although higher oil prices usually boost the rouble, reduced FX supply is hurting the Russian currency. Month-end tax payments that usually see exporters convert foreign exchange revenues into roubles were due last week. The rouble has been on a steadily weakening trend all year, under external pressure since a Western price cap on Russia's oil sales came into force in early December alongside a European Union embargo on buying sea-borne Russian oil.
The risk of lower export earnings as a result and the cost of reorienting raw material supplies east have impacted the rouble rate. The rouble has lost 12% against the dollar year-to-date and almost 22% since the Dec. 5 price cap came into force.
"Since mid-January, the dollar/rouble pair has been trading in an upward trend and all attempts to break that have so far ended in failure," said Alexei Antonov of Alor Broker.
The rouble's fall could accelerate sharply, if the 80 resistance mark is broken, Antonov said.
Russian stock indexes were mixed.
The dollar-denominated RTS index was steady at 988.8
points. The rouble-based MOEX Russian index was 0.9%
higher at 2,496.2 points, a near one-year high.
(Reporting by Alexander Marrow, Editing by Louise Heavens and
Christina Fincher)
