MOSCOW: The rouble fell to a two-week low near 61 to the dollar on Thursday, as a European Union plan for a price cap on Russian oil heightened risks that Russia’s foreign currency inflows may decrease.

The Russian currency strengthened sharply late last week on fears that the latest round of Western sanctions may target Moscow Exchange’s National Clearing Centre and restrict dollar and euro trading in Moscow.

Those fears, which pushed the rouble to a near eight-year high against the euro and sparked wild volatility in the currency, appear to have subsided for now.

By 1459 GMT, the rouble was 0.9% weaker against the dollar at 60.68, earlier coming within a whisker of the 61 mark. It was 0.6% weaker at 58.73 versus the euro, falling to its lowest mark since Sept. 22 of 59.2375 earlier in the session.