The Russian currency accelerated a months-long slide last week, tumbling to a one-year low at 83.5 against the dollar, on a lack of foreign currency in Moscow and the sale of Western businesses in Russia. President Vladimir Putin is set to discuss the currency market with top officials later on Tuesday.
By 1023 GMT, the rouble was 0.7% weaker against the dollar at 82.16 and had lost 1% to trade at 89.74 versus the euro . It had shed 0.6% against the yuan to 11.92 .
"This week, we expect the Russian currency to remain under pressure and continue to fluctuate in the 80/$-83/$ corridor, but still consider the depreciation as temporary," said BCS World of Investments in a note. After spending much of last year as the world's best-performing currency, the rouble has suffered after the West imposed fresh sanctions on Moscow's crucial oil exports in the shape of an oil price cap and an EU embargo on Russia's sea-borne crude exports at the end of last year.
The central bank on Monday said recovering imports and the drop in export earnings following the introduction of the cap were the main factors behind the rouble's weakening.
Tax and customs revenue from energy sales has been gradually recovering since January, when it hit its lowest level since August 2020 under the impact of Western sanctions on Russia's exports over the conflict in Ukraine. Central Bank Deputy Governor Alexei Zabotkin said the price cap impact is being felt with a lag and that export revenue would start to recover once the low point, hit in February, has passed.
Brent crude oil , a global benchmark for Russia's main export, was up 0.2% at $84.3 a barrel.
Russian stock indexes were higher. The dollar-denominated RTS index was up 0.3% to 986.6 points. The rouble-based MOEX Russian index was 1% higher at 2,572.7 points, a one-year high.
"A rebound in commodity prices such as copper and oil should auger well for Russian equities today," said Alfa Bank analysts. (Reporting by Alexander Marrow; Editing by Nivedita Bhattacharjee and Christina Fincher)
