Ruble hits a 10-month low as foreign exchange earnings decline

The Russian ruble fell to near a ten-month low near 75 against the dollar on Thursday, affected by lower foreign exchange earnings from oil and gas exports and fears of the European Union imposing new sanctions on Moscow.

The ruble fell 0.4% against the dollar to 74.8 by 0744 GMT, and earlier in the session fell to 74.91, its lowest since April 25, 2022.

The ruble fell 0.3% against the euro to 80.1 and fell 0.3% to 10.91 against the Chinese yuan.

The Russian currency has fallen this year due to a decline in energy revenues after an embargo imposed by the European Union on Russian oil and the ceiling on Russian energy prices imposed by the Group of Seven majors, which negatively affected sales.

The ruble may face more difficulties as European Union leaders discuss imposing a new set of sanctions on Moscow over its invasion of Ukraine, which is expected to target Russian politicians, military leaders and banks.