Russian ruble hits 10-month low against dollar after Kursk attack, by Reuters

MOSCOW (Reuters) – The Russian ruble fell to a 10-month low against the dollar during the trading session on Tuesday after Ukraine’s surprise attack on Russia’s Kursk region a week ago, but then rebounded to the opening level of the day.

By 15:00 GMT, the ruble was steady at 90.99 to the dollar, according to LSEG data, after falling to 96.60, its lowest level since Oct. 20, 2023. It has lost 6.2% since the start the attack on August 6.

Trading in major currencies moved to the over-the-counter (OTC) market, hiding price data, after Western sanctions were imposed on the Moscow Stock Exchange and its clearing agent, the National Clearing Center, on June 12.

One-day ruble-dollar futures, which trade on the Moscow Stock Exchange and serve as a guide to OTC market rates, fell 0.4 percent to 89.60 on Tuesday. During the previous day’s trading, futures lost 2.5%.

The central bank’s official exchange rate, which it calculates using OTC data, was set at 92.65 for Wednesday, a 3 percent increase from Tuesday’s rate.

The ruble’s weakness against the dollar and euro continued despite support from higher oil prices and increased daily net sales of the yuan by the central bank and finance ministry.

According to an analysis of the OTC market, by 1500 GMT the ruble was down 1.3% to 12.07 against the , becoming the most traded foreign currency in Moscow. During trading, the ruble hit 12.11 yuan, the weakest since June 24.

It fell 0.2% to 99.70 against the euro, according to LSEG data. The central bank’s official exchange rate was 96.69 rubles to the euro.

a global benchmark for Russia’s main export, fell 1.0 percent to $81.24 a barrel as markets saw the risk of a wider war in the Middle East ease.