The Russian rouble slid below 67 per dollar on February 28, the lowest since March 2019. The currency depreciated 9% between January 10 and February 28 amid falling crude oil prices and increasing tensions in Syria. The rouble has improved somewhat in the past few days, in line with a slight recovery in crude oil prices, but as of March 4, it was still down 1% w-o-w and 5% m-o-m.
At the end of February, crude oil prices plummeted below $50 per barrel on fears over global demand as the coronavirus spread to countries outside of China. The International Energy Agency (IEA) reported that global oil demand growth has fallen to its lowest level in a decade and could dip further due to the coronavirus outbreak.
The rising tensions in Syria, where 33 Turkish soldiers were killed at the end of February in an air strike by Russian-backed government forces in north-western Idlib province, have put additional pressure on the rouble.
