MOSCOW: The Russian rouble reversed course and sank to a near six-month low against the dollar on Friday, crossing the 78 threshold, as global risk aversion shot up before the weekend on fears that fresh coronavirus lockdowns might harm global economic recovery. Geopolitical concerns continued to weigh on Russian assets with the threat of sanctions over the poisoning of Kremlin critic Alexei Navalny, in which Moscow denies wrongdoing, and the crisis in neighbouring Belarus, continuing to linger.

By 1437 GMT, the rouble was 1.6% weaker against the dollar at 78.41. It had hit 78.50 earlier, a level not seen since April 2. The dollar was on course for its best week since April, adding to the rouble’s woes. Compared to the euro, the rouble lost 1.2% to trade at 91.12, briefly touching 91.27, its lowest since Feb. 2016, a 4-1/2 year low. It had been as strong as 61 against the dollar and 70 versus the euro in early 2020.

Russian stock indexes fell as the dollar-denominated RTS index was down 2% to 1,165.2. The rouble-based MOEX Russian index was 0.4% lower at 2,900.8.