The Russian rouble strengthened on Tuesday, helped by an increased foreign currency supply as exporters prepare to make tax payments, and optimism about the Russian economy amid the backdrop of Chinese President Xi Jinping’s visit to Moscow.
At 0740 GMT, the rouble was 0.35% stronger against the US dollar at 76.89 and had gained 0.4% to trade at 82.36 versus the euro.
It had firmed 0.28% against the yuan to 11.61. Bogdan Zvarich, chief analyst for banki.ru, said in a note that the rouble would on Tuesday attempt to regain some of the losses it posted last week, fuelled by exporters selling foreign currency to make tax payments.
“As a result, by the end of the day, the dollar/rouble pair may retreat below 77 roubles and consolidate under this mark”, he said.
Russian rouble dips, stocks rise despite global banking jitters
Brent crude oil, a global benchmark for Russia’s main export, was down 1.10% at $72.98 a barrel. Russian stock indexes were down slightly.
The dollar-denominated RTS index was down 0.11% to 978.07 points.
The rouble-based MOEX Russian index was 0.25% lower at 2391.16 points.