(Reuters] – On Thursday the Russian rouble weakened, in response to Russia’s temporary capital control measures being relaxed further. Meanwhile, stocks plummeted as Russia continues what it refers to as a “special military operation” in Ukraine.

Business daily Vedomosti reports that the Russian central banking is looking at easing foreign currency sales requirements by export-oriented companies.

Russian exporters must sell 80% of forex revenue within the first 3 days following receipt. This is according to a Rule that President Vladimir Putin established in February to reduce volatility in the rouble in light of western sanctions.

The rouble dropped 2% at 0739 GMT to 81.50. This is a far cry from the peak it reached last week, Nov. 11, 1971.

The rouble lost 2.5% against euro after briefly falling above 90.

After the central bank removed a 12% commission on foreign currency purchases through brokers, and promised to remove a temporary ban from individuals selling foreign cash starting April 18, the rouble has eased.

The rouble is still supported by export-oriented companies, which are obliged to continue selling their foreign revenues on the domestic marketplace.

Promsvyazbank stated that the range between 79 and 81 for the dollar is likely to remain.

The focus remained on Russia’s actions in Ukraine, as well as the risk of Western sanctions. These factors and Western expectations suggest that the economy will be in sharpest recession since 1994.

Already, inflation has accelerated to the highest level since 2002. It reached 17.5% annually in April 8.

Russian stock indexes declined.

RTS, a dollar-denominated index, fell 3.2% and dropped to 965 points. At 2,497.8, the MOEX Russian index, which is based on roubles, was 1.2% less.

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