The Russian rouble slumped to its weakest against the U.S. dollar in more than five months on Thursday as the currency comes under fresh pressure from the West’s price cap on Russia’s oil exports.
The rouble fell to 64.95 against the U.S. dollar in morning trade in Moscow for its lowest reading since July 6 . By 0705 GMT it had pared some losses to stand 0.7% down for the session at 64.42.
Against the euro, the rouble was down 0.6% at an 11-week low of 68.72 and against the Chinese yuan the currency lost 0.8% to 9.24.
After crashing to historic lows when Moscow sent tens of thousands of troops into Ukraine on Feb. 24 and the West imposed sweeping financial sanctions on Russia, strict capital controls have helped the rouble to rebound strongly over the summer.
However, fears of a global recession, combined with the European Union’s embargo on Russian oil exports and a Western price cap, have heaped fresh pressure on the Russian…
