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Markets

Russian rouble strengthens to 70 vs euro

The rouble hit 69.92 against the euro, heading away from levels of 74 seen less than a month ago. The rouble i
24 Sep 2019
  • The rouble hit 69.92 against the euro, heading away from levels of 74 seen less than a month ago.
  • The rouble is expected to enjoy support from month-end tax payments that usually prompt export-focused companies to convert their foreign currency revenues to meet local liabilities.
  • Oil prices remained at comparatively elevated levels for the year in the wake of a Sept. 14 attack on Saudi Arabia's largest oil processing facility.

MOSCOW: The Russian rouble firmed to around 70 against the euro on Tuesday, hovering near levels last seen in March 2018, as it priced in currency moves on the global market and gained support from local demand related to tax payments.

The rouble hit 69.92 against the euro, heading away from levels of 74 seen less than a month ago, as the European single currency fell after weak eurozone survey data raised concerns the economy was struggling to gain traction.

As of 1053 GMT, the rouble was 0.3pc stronger at 70.0 versus the euro and added 0.2pc to 63.69 against the dollar.

"The rouble retains potential to strengthen against the euro," Nordea Bank analysts said. "Versus the dollar, the rouble is likely to be close to the ceiling for the moment."

The rouble is expected to enjoy support from month-end tax payments that usually prompt export-focused companies to convert their foreign currency revenues to meet local liabilities.

Prices of oil, Russia's main export, eased on Tuesday as weak economic data from Europe and Japan focused market attention on the gloomy demand outlook.

Brent crude oil was down 1.3pc at $63.91 a barrel.

Still, oil prices remained at comparatively elevated levels for the year in the wake of a Sept. 14 attack on Saudi Arabia's largest oil processing facility.

The dollar-denominated RTS index was 0.4pc higher at 1,378.2 points. The rouble-based MOEX Russian index was flat at 2,786.7 points.