Volatile rouble falls again, cutting short slight recovery

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The Russian rouble weakened in early trade on Friday, cutting short a slight recovery in the previous session as fears over oil and gas sanctions unnerved markets, though it got some support from a month-end tax period.

At 0706 GMT, the rouble was 0.8% weaker against the dollar at 69.74 , slipping back towards its weakest since April 28 of 72.6325, hit in the previous session.Yuan-rouble trading volumes exceeded 15 billion yuan on Thursday, a record on Moscow Exchange.

Siluanov said that a recovery in imports, which had collapsed as Western nations imposed harsh sanctions on Moscow over its actions in Ukraine, was also behind the currency's slide.Analysts expect the rouble to find a foothold next week when month-end taxes, which usually see Russian exporters convert FX revenues to pay local liabilities, are due.

 

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