MOSCOW: The Russian rouble traded in a narrow range against the dollar on Friday, weighed down by oil prices lingering near 4-week lows but supported by a new tax period that sees companies buy roubles to cover domestic liabilities.
Export-focused firms usually convert their foreign exchange revenues into roubles to pay tax, which supports the Russian currency. The rouble was up 0.12% versus the dollar to 60.46 by 0750 GMT, but eased 0.33% against the euro to 62.54.
The price of oil, Russia’s main export, was trading near four-week lows amid concerns about weakening demand in China. Brent crude futures were close to $89.83 a barrel and were on track to show a weekly decline.
“The rouble picture is fundamentally not changing, the consolidation around the 60.50 rouble to dollar mark continues,” said Alexey Antonov from the Alor Broker.
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