MOSCOW: The Russian rouble eased towards 91.5 to the dollar on Wednesday, remaining in the relatively narrow band it has traded in for the last few sessions.
At 0740 GMT, the rouble was 0.2% weaker against the dollar at 91.46 and had lost 0.1% to trade at 97.86 versus the euro. It had shed 0.2% against the yuan to 12.59.
Month-end tax payments usually see exporters convert foreign currency revenues to pay local liabilities, though Alor Broker’s Alexei Antonov said that in the last few months exporters have tended to spread their rouble purchases across the month, somewhat softening the tax period’s impact.
The finance ministry has switched back to making FX purchases from sales in February, slightly reducing the overall daily sales the state makes and reducing some support for the rouble.
But the possible extension of capital controls requiring exporters to convert foreign currency revenue beyond April 30 could support the rouble.
The central bank swiftly opposed the government’s proposal for an extension last month, but the measure was supported by other key decision makers.
Russian rouble steadies near 90.5 vs US dollar
Higher oil prices, which hit a two-week high on Tuesday, have also buttressed the rouble in recent sessions.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.3% at $83.04 a barrel.
Russian stock indexes were higher.
The dollar-denominated RTS index was up 0.1% to 1,124.5 points.
The rouble-based MOEX Russian index was 0.3% higher at 3,264.2 points.
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