This is the best summary I could come up with:

Jane Foley, managing director at Rabobank London, said the rouble had been “weakening progressively” this year, but added “the pace has picked up since late July”.

“The weakness in the rouble reflects a weakening fundamental backdrop in Russia,” she added, pointing out that the country’s budget was in deficit and it was relying on imports from China and Turkey, but facing pressure over exports.

Russ Mould, investment director at AJ Bell, said that Russia’s trade, and therefore its economy, was being hit by Western sanctions, “especially for oil and gas”.

In December 2022, G7 and EU leaders introduced a price cap plan aimed at limiting the revenue Russia earns from its oil exports, by trying to keep it below $60 a barrel.

He said this was partly due to the strength in the US economy, which he said “is forcing the Federal Reserve to raise interest rates in contrast to many emerging central banks, which are starting to cut (notably Brazil and Chile)”.

“Higher returns on cash in dollars and lower ones in other currencies can increase the relative attractiveness of holding greenbacks, or assets denominated in them,” Mr Mould added.

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