The Russian rouble weakened 1.9% against the U.S. dollar on Wednesday, crossing 80 per dollar for the first time since April 3. The currency has now lost 14% against the dollar since May 20, and analysts point to the end of seasonal tax payments and unstable oil prices.
The Russian rouble weakened 1.9% against the U.S. dollar on Wednesday, crossing the 80 per dollar mark for the first time since April 3, according to LSEG market data.
The currency has declined 14% against the dollar since May 20. It also weakened 1% against the Chinese yuan, Russia's most traded foreign currency, reaching 11.8 roubles per yuan.
Analysts attributed the rouble's weakness to the end of seasonal tax payments, when Russian companies typically sell foreign currency to pay taxes in roubles.
Unstable oil prices also contributed to the currency's decline. Oil is Russia's main export commodity.
Ukraine has intensified attacks on Russian refineries and infrastructure since May, resulting in fuel shortages and rising inflation in Russia.
Source: Investing.com
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