Markets

Rouble edges higher as month-end taxes loom

MOSCOW: The Russian rouble firmed in early trade on Monday, supported by month-end tax payments. At 0846 GMT, the rou

Published April 17, 2017 Updated April 17, 2017 03:16pm

1 min

By Shoaib Ur Rehman

At 0846 GMT, the rouble was 0.2 percent stronger against the dollar at 56.25 and added 0.1 percent to 59.78 against the euro.

Market activity was below average as Western exchanges were closed for the long Easter weekend.

ING bank said in a note to clients the rouble may show attempts to firm towards 55.8 versus the dollar this week thanks to month-end taxes.

Tax liabilities usually prompt export-focused companies to convert their revenues into roubles to meet local duties.

Oil prices limited the rouble's upside as Brent crude oil , a global benchmark for Russia's main export, was down 0.9 percent at $55.39 barrel.

The dollar-denominated RTS index was down 0.7 percent to 1,065.6 points, while the rouble-based MICEX also slid 0.7 lower to 1,902.8 points.

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