Rouble hits lowest level since 2016

MOSCOW: The rouble dipped lower on Wednesday, hitting its lowest levels since 2016, as fears of increased geopolitical tensions with the West and new US sanctions against Moscow eclipsed higher oil prices.
The Russian market remains in a sell-off mode that began on Friday after the United States imposed new sanctions against Russian companies and prominent businessmen.
The rouble hit 64.77 versus the US dollar on the Moscow Exchange, its weakest level since December 1, 2016, and losing 11 per cent of its value since before sanctions were imposed.
While fundamental factors, such as the state of the Russian economy and policies remained unchanged, risk aversion towards Russian assets has soared in the past few days.— Reuters