Rouble Falls to 7-Week Low as Oil Prices Drop, Raising Concerns in Russia
-
Rouble fell to 7-week low past 101 vs dollar due to lower oil prices and reduced FX supply from exporters.
-
Weakness led authorities to consider interventions, but so far limited response. Kremlin said no cause for concern.
-
Inflation accelerating, expected rate hike by central bank this month.
-
Exporters may be required to sell more FX revenue, could strengthen rouble but hinder investment.
-
Ban lifted on pipeline diesel exports from Russia, world's top exporter. Boosts global prices, buyers scramble for alternative sources.