Russia’s rouble currency has lost more than a 10th of its value versus the U.S. dollar over the past week as prices for oil, a key export commodity, have fallen over diminished trade due to the new coronavirus.
The Russian currency declined from about 66 roubles per U.S. dollar one week ago to about 72 per dollar on Tuesday, according to forex data from the Moscow Exchange market.
Russia is still largely dependent on commodity prices despite efforts to diversify its economy following an oil-linked collapse in the rouble’s value five years ago.
The Russian Central Bank announced on Tuesday that it would sell foreign currency reserves in an effort to prop up the rouble’s value, state media reported.
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