MOSCOW: The Russian rouble eased on Friday, pulling back from a near three-week high against the dollar that it hit in the previous session, after the passing of a favourable month-end tax period.
At 0750 GMT, the rouble was 0.2% weaker against the dollar at 91.32 and had lost 0.1% to trade at 98.69 versus the euro. It had shed 0.3% against the yuan to 12.62.
“The factor of the traditional reduction of supply from exporters at the very beginning of the month will contribute to a restrained increase in the dollar at the end of Friday’s trading,” said Yevgeny Loktyukhov of Promsvyazbank, putting the rouble’s target range against the dollar on Friday at 90.8-92.
Exporters usually convert foreign exchange revenues to pay local liabilities towards the end of each month.
Alor Broker’s Alexei Antonov said the rouble may depreciate slightly, but that it was too early to talk about the start of a serious devaluation.
Russian President Vladimir Putin on Thursday proposed at least $110 billion in extra state support such as tax allowances for families with children and additional funds for regions with low birth rates, before an election he is almost certain to win.
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