Russian rouble tumbles to lowest level since April 2022

The Russian rouble has fallen to its lowest levels against the euro and dollar since April 2022, amid a foreign currency shortage in Moscow and the sale of Western businesses in Russia. Traders attribute the rouble's decline to a mixture of issues including export revenue declines due to lower oil prices in March and the sale of Western assets to domestic investors.

On Friday, the Russian rouble reached its lowest levels against the US dollar and the euro since April 2022, falling below 90 per euro due to a foreign currency shortage in Moscow and the sale of Western businesses in Russia. This was caused by several issues, including the sale of Western assets to domestic investors, leading to increased demand for dollars, and lower oil prices in March, which reduced export revenues. The rouble is currently the third worst-performing currency globally, behind only the Egyptian pound and Argentine peso, according to Reuters calculations. However, traders believe that the recent rise in oil prices will support the currency in the coming weeks, as Russia is the world's second-largest oil exporter after Saudi Arabia. Finance Minister Anton Siluanov stated on Thursday that the increase in energy prices signaled that more foreign currency would come into the country, leading to a stronger rouble.

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