Russian rouble up on month-end tax payments, higher oil

MOSCOW: The Russian rouble firmed on Monday, supported by higher oil prices and upcoming month-end tax payments.

At 0710 GMT, the rouble was 0.15 percent stronger against the dollar at 56.32 and had gained 0.06 percent to trade at 69.91 versus the euro.

Oil prices extended gains to hit their highest level in nearly two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East.

Brent crude oil, a global benchmark for Russia's main export, was up 0.74 percent at $65.32 a barrel.

Expectations of month-end tax payments, which require Russian exporters to convert their dollar revenues into roubles, also played to the currency's upside.

"Companies are preparing for the tax period: the largest payments (MET and VAT) are on Feb. 26," VTB analysts said in a note.

"Exporters have mostly been on the sidelines of late, so we might see increased hard currency selling in the coming days. That would be supportive for the rouble outlook."

Russian stock indexes were slightly higher.

The dollar-denominated RTS index was up 0.03 percent to 1,263.51 points. The rouble-based MOEX Russian index was 0.23 percent higher at 2,260.77 points.