MOSCOW, Nov 26 (Reuters) - The rouble lost more than 1% against the dollar on Friday, sinking to a more than seven-month low as oil prices dived and political concerns that have buffeted Russian assets all week remained on investors' minds.
A global increase in risk aversion related to the detection of a new coronavirus variant also put pressure on the Russian currency. read more
Since reaching its strongest level since mid-2020 of 69.21 on Oct. 26, it has lost more than 8% of its value against the dollar in a month amid Western concerns over possible Russian military intervention in Ukraine.
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By 0711 GMT, the rouble was 0.9% weaker against the dollar at 75.35 , earlier hitting 75.78, its weakest since April 22.
"Geopolitical fears have squeezed investors out of Russia funds at a pace unseen since mid-March 2020, while the surge in COVID in the area makes it a perfect storm for Russian stocks, bonds and other financial assets," BCS Global Markets said.
Against the euro, the rouble shed 1.2% to trade at 84.73, earlier passing the 85 mark for the first time since late September.
Russia has dismissed concerns over possible military intervention in Ukraine and complained about increasing activity in the region by the NATO military alliance.
Moves in the rouble were exacerbated by lower market activity after the U.S. markets were closed for the Thanksgiving holiday on Thursday.
Promsvyazbank analysts suggested in a note that the currency would end the day trading nearer to 76 versus the greenback.
But Otkritie Bank analysts said it looked oversold near 75 against the dollar.
Brent crude oil , a global benchmark for Russia's main export, was down 3.1% at $79.68 a barrel, sendingRussian stock indexes back towards their lowest since August.
On the stock market, the dollar-denominated RTS index (.IRTS) was down 2.8% at 1,618.3 points. The rouble-based MOEX Russian index (.IMOEX) was 1.9% lower at 3,873.2 points.
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Reporting by Alexander Marrow and Andrey Ostroukh; Editing by Kim Coghill and John Stonestreet
Our Standards: The Thomson Reuters Trust Principles.
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Rouble drops to 7-month low vs dollar, Russian stocks down - Reuters
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