MOSCOW: Russia's rouble traded stronger on Tuesday, helped by higher oil prices and rouble buying ahead of end-of-month tax payments.
At 0740 GMT, the rouble was 0.4 percent stronger against the dollar at 65.59 and had gained 0.3 percent to trade at 69.76 versus the euro.
Brent crude oil, a global benchmark for Russia's main export, was up 1.1 percent at $45.3 a barrel after Saudi Arabia said on Monday it would work with non-OPEC producers to help stabilise prices.
Value-added tax, mineral extraction tax and excise taxes fall due on Wednesday.
The monthly tax payments require exporters to convert a portion of their foreign-currency revenues into roubles, which typically supports the Russian currency.
However, some analysts said the rouble bounce may be temporary given heavy foreign debt payments in December and potential for further oil price weakening.
"Even if oil stays at $45 per barrel in December, we think USD/RUB would still have room for a further upward adjustment (implying a weaker rouble), especially if international portfolio inflows into the Russian market moderate," said Maxim Korovin, a forex analyst at VTB Capital, said in a note.
The rouble had slipped on Monday as oil prices fell, following strong gains last week on improving investor sentiment towards Russia due to hopes it could benefit from improved relations with the West after recent Islamic State attacks.
Russian share indexes were slightly lower on Friday, in line with moves on global markets.
The dollar-denominated RTS index was down 0.1 percent to 896 points, while its rouble-based peer MICEX traded less than 0.1 percent lower at 1,867 points.
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