MOSCOW: Pressure on the rouble eased slightly on Tuesday as Russian firms sold foreign currency to pay taxes falling due in roubles, but stock market sentiment was soured by the death of French oil major Total's chief executive in a plane crash in Moscow.
At 0915 GMT the Russian currency was 0.17 percent stronger against the dollar at 40.96 and gained 0.17 percent to trade at 52.50 versus the euro.
That left the currency 0.17 percent stronger at 46.16 against the dollar-euro basket the central bank uses to gauge the rouble's nominal exchange rate.
"There's a solid foreign currency offer on the market, while demand for dollars is less than in recent days," a currency dealer based in Moscow said.
The Russian currency has been pressured by falling oil prices, Western sanctions restricting Russian firms' access to international capital markets, and a stronger dollar, prompting the central bank to spend more than $13 billion to defend the rouble since the start of the month.
The rouble weakened at market opening on Tuesday, briefly touching the upper limits of its trading band against the dollar-euro basket, before paring losses as Russian exporters offered foreign currency to the market.
Also providing support, prices for global crude benchmark Brent rose to over $86 a barrel. Oil is one of Russia's chief exports, and sales of oil and gas account for up to half of Russia's federal budget revenues.
The central bank currently steps in to defend the currency once it weakens beyond 46.30 roubles per basket.
Russian shares were mixed on Tuesday after the death of Total's CEO Christophe de Margerie in an overnight plane crash and as trading on European stock markets was choppy.
The dollar-denominated RTS index was 0.4 percent higher at 1,061 points by 0915 GMT, reversing early losses, while its rouble-based peer MICEX traded 0.3 percent higher at 1,380 points.
Total's de Margerie was killed when his private jet collided with a snow plough during takeoff at Moscow's Vnukovo International Airport overnight, the company and airport officials said.
"Reactions to the tragic death of Total CEO Christophe de Margerie in Moscow late last night may dominate news flow," analysts at Sberbank Investment Research wrote in a note.
Novatek, in which Total is a shareholder and key partner in the Yamal liquefied natural gas project in the Arctic, was down 0.4 percent, while top bank Sberbank was up 0.6 percent.
The Finance Ministry on Tuesday cancelled its weekly auction of treasury bonds for the second week in a row, citing unfavourable market conditions.
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