Russia: Rouble weakens notably
June 9, 2012
By 8 June, the Russian rouble (RUB) was trading at 32.2 RUB per USD, which was 8.0% weaker than on the same day of the previous month. The currency is now trading 15.9% weaker than on the same day last year. The depreciation shadowed the trajectory of the Ural oil price, which moderated in May to levels last seen at the beginning of 2011. In addition, the RUB was hit by heightened global risk aversion amid a further deterioration of the debt crisis in Europe. On a positive note, capital outflows, which exerted downward pressure on the rouble at the end of 2011, moderated in May. Outflows amounted to USD 5.8 billion in May, according to Central Bank estimates, down from the USD 7.3 billion recorded in April.
Author: Armando Ciccarelli, Head of Data Solutions