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The original was posted on /r/worldnews by /u/CrimsonLancet on 2023-10-06 11:58:02.
Rouble slides to over 7-week low past 100 per dollar as Putin speaks
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.reuters.com/markets/currencies/russian-rouble-hovers-close-100-vs-dollar-2023-10-05/
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Oct 5 (Reuters) - The Russian rouble weakened past 100 to the dollar to a more than seven-week low as President Vladimir Putin spoke on Thursday, hurt by reduced foreign currency supply from exporters early in the month.
Steady earlier in the session, the rouble’s slide came as Putin began a speech in Sochi, saying that the United States was seeking to impose its crumbling hegemony across the world and that the war in Ukraine showed how far the West had lost touch with reality.
The rouble has lost support of a favourable month-end tax period that usually sees exporters convert FX revenues to meet local liabilities.
Brent crude oil , a global benchmark for Russia’s main export, was down 1.9% at $84.21 a barrel, a more than five-week low, extending the previous session’s sharp slump.
Energy revenues are likely to continue recovering in October due to tax changes and high commodity prices.
The finance ministry’s expected rise in tax revenues from the sector in October could give the rouble some strong support, said Alor Broker’s Alexei Antonov, as oil companies would be forced to increase their sales of foreign currency export earnings.
The original article contains 348 words, the summary contains 193 words. Saved 45%. I’m a bot and I’m open source!