MOSCOW: Russia's rouble was broadly stable on Tuesday, following modest gains in the previous session, as exporter buying countered declining global oil prices.
At 0822 GMT, the rouble was less than 0.1 percent weaker against the dollar at 65.07 and lost the same amount to trade at 75.46 versus the euro.
Russian exporters convert a portion of their foreign-currency earnings into roubles towards the end of each month to meet their tax obligations to the state budget.
Following the rouble's dramatic collapse late last year, the government stepped up pressure on exporters to sell their foreign currency more regularly to ease pressure on the rouble.
"The short-term story for the market remains the same: support from exporters ahead of the main taxes will be opposed by continuing foreign-currency purchases, including due to the anticipated downgrade of Russia's rating," Dmitry Polevoy, chief economist for Russia and CIS at ING Bank, said in a note.
The three major ratings agencies have all cut Russia's sovereign debt to one notch above 'junk' status, and Standard & Poor's is expected to complete a ratings review by the end of the month.
A further downgrade from any of the ratings agencies could prompt an exodus from Russian assets by mainstream investment and pension funds.
Brent crude futures, a major driver for Russian assets since oil is Russia's chief export, dipped to around $48.50 a barrel on Tuesday, hurt by weaker economic growth in major energy consumer China.
Russia's major stock indexes were mixed.
The dollar-denominated RTS index was down 0.4 percent to 763 points, while its rouble-based peer MICEX traded 0.1 percent higher at 1,578 points.
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