MOSCOW: Russia's rouble slipped on Wednesday because of reduced demand for the Russian currency from exporters to pay their monthly taxes, but it felt some support from a stronger oil price, traders said.
At 0947 GMT, the rouble was 0.5 percent weaker against the dollar at 54.11 and lost just under 1 percent to trade at 60.64 versus the euro.
The rouble had been supported by monthly tax payments which require Russian exporters to convert their foreign currency revenues into roubles by the end of the month.
"Exporters are now selling currency during the month more or less evenly upon receipt of revenue, and not just for payment of taxes," said Stanislav Yarushevichus, deputy head for the forex market at ING Eurasia in Moscow.
Traders said the rouble was supported by the oil price, which had nudged higher on prospects of stronger US demand after the American Petroleum Institute forecast on Tuesday a bigger-than-expected fall in US oil stocks last week. Russian share indexes were slightly down.
The dollar-denominated RTS index was down 0.48 percent to 959.83 points, while its rouble-based peer MICEX traded 0.41 percent lower at 1,651 points.
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