Russian rouble slumps to near one-year low vs dollar in early trade
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MOSCOW, April 4 (Reuters) - The Russian rouble tumbled in early trade on Tuesday, hitting its weakest mark near 80 against the dollar in almost a year, hampered by reduced supply of foreign currency from exporters, in spite of this week's jump in oil prices.
At 0613 GMT, the rouble was 0.8% weaker against the dollar at 79.39, at its weakest since April 19, 2022.
It had lost 0.7% to trade at 86.55 versus the euro , its weakest since April 15, 2022, and had shed 0.8% against the yuan to 11.52, an April 25, 2022, low.
Oil prices jumped over 6% on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russia announced surprise production target cuts on Sunday, raising fears of tightening supplies.
On Tuesday, Brent crude oil, a global benchmark for Russia's main export, was up 0.3% at $85.2 a barrel.
Although higher oil prices usually boost the rouble, reduced FX supply is hurting the Russian currency.
Month-end tax payments that usually see exporters convert foreign exchange revenues into roubles were due last week.
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For Russian treasury bonds see (Reporting by Alexander Marrow, Editing by Louise Heavens)
