Russian rouble strengthens as tax payments beckon, oil prices rise
Business
It had firmed 0.1% against the yuan to 11.13.
MOSCOW (Reuters) - The Russian rouble strengthened on Monday, supported by rising oil prices and this week’s month-end tax payment, which usually sees exporters convert foreign exchange revenues to pay local liabilities.
At 0728 GMT, the rouble was 0.5% stronger against the dollar at 76.69, recovering after clipping a near one-week low at market opening. It had gained 0.3% to trade at 82.49 versus the euro.
It had firmed 0.1% against the yuan to 11.13.
The rouble could test the lower boundary of the 76-77 range against the dollar in today’s trading, said Promsvyazbank analyst Egor Zhilnikov.
“The approaching end of tax payments and also a rather favourable backdrop on energy markets will show support,” Zhilnikov said. Taxes this month are due on Tuesday.
Brent crude oil, a global benchmark for Russia’s main export, was up 1.1% at $75.80 a barrel, supporting Russian stock indexes.
The dollar-denominated RTS index was up 1.5% to 992.5 points.
The rouble-based MOEX Russian index was 1% higher at 2,415.9 points.
