The Russian rouble weakened past 95 against the dollar on Thursday, in a volatile week filled with speculation over how the authorities might stabilise the currency after a 350-basis-point rate hike seemed to have a limited effect.
The Bank of Russia jacked up its key rate to 12% on Tuesday, an emergency move to try and halt the rouble’s recent slide past the symbolic 100 threshold, but analysts agreed that more measures may be needed to return the rouble to the 80-90 range authorities have deemed acceptable.
By 0612 GMT, the rouble was 0.5% weaker against the dollar at 95.19.
It reached a near 17-month low of 101.75 against the dollar on Monday and briefly traded at 92.60 on Tuesday morning.
The rouble had lost 0.3% to trade at 103.51 versus the euro.
It had shed 0.4% against the yuan to 12.95.
Authorities are discussing bringing back the compulsory sale of foreign currency revenues for exporters, five sources told Reuters. Beyond rate hikes and capital controls, Moscow has some other options, though none particularly favourable.
Russian rouble steadies near 97 vs dollar after emergency rate hike
The Vedomosti daily late on Wednesday reported, citing sources, that mandated FX sales would not be reintroduced for now and that exporters had informally agreed to raise sales.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.1% at $83.48 a barrel.
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