Russian rouble reaches six-week high

The Russian rouble hit a six-week high against the dollar on Monday, supported by higher oil prices and domestic month-end tax payments from major companies despite downward pressure from the central bank's resumption of forex purchases.
At 0720 GMT, the rouble was 0.2 percent weaker against the dollar at 66.39, crossing the 66.10 threshold for the first time since December 7, and had lost 0.4 percent to trade at 75.57 versus the euro. The rouble has so far resisted the downside effect of the central bank's forex purchases, which it resumed on January 15. Russian stock indexes were up on Monday, reaching a 3.5-month high in reaction to growing oil prices. The dollar-denominated RTS index was up around 0.1 percent to 1177.42 points. The rouble-based MOEX Russian index was also 0.1 percent higher at 2475.73 points. The Russian central bank, which said it purchased the equivalent of 15.6 billion roubles ($235.06 million) of forex for state reserves on January 17, has said Russia's strong current account in the first quarter and a sufficient amount of foreign currency in the financial system would ease the impact of the state's forex purchases on the rouble.