Overview

• The Russian rouble weakened past 100 against the dollar before slightly recovering.
• Foreign currency outflows and shrinking current account surplus contributed to the rouble's weakness.
• The rouble previously fell into triple digits which led to an emergency rate hike by the Bank of Russia.
• Brent crude oil, Russia's main export, was down but still above its 2023 average.
• Analysts expect further monetary policy tightening by the central bank in October.