Foreign Currency

Russian rouble steadies near 91 vs dollar, buoyed by oil prices

The Russian rouble steadied near 91 to the U.S. dollar on Monday, held up by relatively high oil prices, as exporters start converting foreign currency revenues in preparation for month-end tax payments.

At 0805 GMT, the rouble was 0.19% weaker against the dollar at 91.07 RUBUTSTN=MCX and had lost 0.3% to trade at 98.31 versus the euro EURRUBTN=MCX. It firmed 0.27% against the yuan to 12.53 CNYRUBTOM=MCX.

In a note, Bogdan Zvarich, chief analyst at financial marketplace, said the rouble would be supported on Monday by the “stabilisation of the energy market above $80 for Brent oil and the expectation of increased demand for rouble liquidity from exporters ahead of the peak of tax payments.”

Month-end tax payments usually see exporters convert foreign currency revenues to pay local liabilities.

Brent crude oil LCOc1, a global benchmark for Russia’s main export, was down 0.78% at $81.57 a barrel.

Russian stock indexes were also down slightly.

The dollar-denominated RTS index .IRTS was down 0.4% to 1,117 points. The rouble-based MOEX Russian index .IMOEX was 0.31% lower at 3,232 points.


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