MOSCOW: The Russian rouble strengthened to a more than six-week high past 93 to the dollar in early trade on Wednesday as exporters increased sales of foreign currency revenues.

Month-end tax payments usually see exporters convert foreign exchange (FX) revenues to pay domestic liabilities.

Additionally, President Vladimir Putin’s decree on mandatory FX sales came into force last week, requiring 43 groups of exporters to repatriate 80% and sell 90% of FX revenues.

The rouble has strengthened from beyond 100 to the dollar since the decree was first announced.

At 0706 GMT, the rouble was 0.4% stronger against the dollar at 92.99, earlier hitting 92.7350, its strongest point since Sept. 12.

It had gained 0.3% to trade at 98.62 versus the euro and firmed 0.3% against the yuan to 12.70.

Russian rouble soars to six-week high past 94 vs dollar

Brent crude oil, a global benchmark for Russia’s main export, was down 0.5% at $87.61 a barrel, but still well above its 2023 average.

The finance ministry will offer one OFZ treasury bond at auction later on Wednesday.

Russian men’s clothing chain Henderson said on Wednesday it expected its initial public offering next week to be worth up to 3.63 billion roubles ($38.76 million).