MOSCOW: The Russian rouble rose to new 2015 highs on Wednesday, shrugging off a decline in oil prices as Russian exporters continued to sell forex to pay monthly taxes.
At 0800 GMT, the rouble was 0.8 percent stronger against the dollar at 57.22, and 0.6 percent stronger at 62.66 versus the euro.
The Russian currency had earlier set new 2015 highs of 57.09 against the dollar and 62.44 against the euro.
On Tuesday the rouble rose 2 percent against the dollar, helped by the need for exporters to convert foreign currency to pay a mineral extraction tax, VAT and excise duties falling due today.
"The positive (tendency) on the rouble spot market is evidently caused not only by active sales of export earnings but also by a general increase in optimism," analysts at Rosbank said in a note.
They added that the rouble had breached its 100-day moving average of 58.75 per dollar, which would encourage buyers.
Analysts at VTB Capital said the rouble has been one of the strongest emerging market currencies this year, having fully pared first quarter losses against the dollar despite a 4.6 percent decline in oil benchmark Brent.
The rouble was also resilient to lower oil prices on Wednesday, shrugging off a 0.2 percent decline in Brent to $55 per barrel.
Forex Club analyst Alena Afanaseva said in a note that the behaviour of household depositors may also be driving the rally, with Russians flocking to convert savings into roubles that they sold in a panic in December.
Russia's dollar-based RTS stock index also saw further gains on Wednesday, driven by the stronger rouble which increases stock prices in dollar terms.
At 0800 GMT the RTS was up 1.3 percent while the rouble-based MICEX index was flat at 1,619 points.
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