Russian rouble weakens past 80 to US dollar for first time since April 3
UUP•Rouble falls past 80 to the dollar
MOSCOW, July 29 (Reuters) - The Russian rouble weakened by 1.9% against the U.S. dollar on Wednesday to cross the level of 80 to the dollar for the first time since April 3, LSEG market data showed.
The rouble has weakened by 14% against the dollar since May 20 as Ukraine intensified attacks on Russian refineries and infrastructure, which resulted in fuel shortages and rising inflation.
Yuan trading and pressure on the currency
Against the Chinese yuan, Russia's most traded foreign currency, the rouble has weakened by 1% to trade at 11.8 roubles per yuan.
Analysts said that an end to seasonal tax payments when Russian companies sell foreign currency to pay their taxes in roubles, as well as unstable prices for oil, Russia's main export commodity, contributed to the rouble's weakness.
"In this situation, pressure on the rouble may persist in the near term," said Bogdan Zvarich from PSB bank.
