The Russian rouble climbed to a near one-week high against the dollar in early trade on Monday, supported by continued foreign currency sales and as exporters prepared to pay monthly taxes.

At 0755 GMT, the rouble was 0.3% stronger against the dollar at 68.64, having earlier clipped its strongest point since Jan. 17.

It lost 0.3% to trade at 74.82 versus the euro and firmed 0.2% against the yuan to 10.10.

The rouble may try to test the lower boundary of the 68-69 range against the dollar as exporters prepare to make major tax payments, Promsvyazbank said in a note.

Russian rouble steady amid competing pressures

The Russian currency typically gains support from a month-end tax period, when Russian exporters convert foreign exchange revenue to pay local liabilities.

Analysts say large FX sales by the government - which plans to sell 54.5 billion roubles ($794.5 million) of Chinese yuan between Jan. 13 and Feb. 6 - are helping shield the currency from downward pressure and geopolitical headwinds.

The rouble has been under external pressure for the past six weeks since a Western price cap on Russia’s oil sales came into force in early December alongside a European Union embargo of Russian oil exports, forcing Moscow to sell at a discount.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.4% at $87.3 a barrel.

Russian stock indexes were up. The dollar-denominated RTS index was up 1% to 1,001.5 points.

The rouble-based MOEX Russian index was 0.7% higher at 2,181.3 points.

Shares in mining giant Norilsk Nickel underperformed the wider market, sliding around 2.1% after company boss Vladimir Potanin said the metals giant was reworking its strategy and building closer ties with countries such as China, Turkey and Morocco because of Western sanctions on the Russian economy.