MOSCOW: The Russian rouble edged up on Wednesday after falling to a more than one-week low in early trade, supported by the prospect of upcoming corporate tax payments and still-high interest rates.

The Bank of Russia said its rate hiking cycle may be near completion as it raised its key interest rate by 100 basis points to 16% last week, increasing borrowing costs for the fifth consecutive meeting in response to stubborn inflation.

At 0741 GMT, the rouble was 0.1% stronger against the dollar at 90.23, recovering from earlier hitting 90.87, its weakest since Dec. 11.

It had gained 0.2% to trade at 98.91 versus the euro and firmed 0.3% against the yuan to 12.63.

Since October and the rouble’s most recent slide to 100 against the dollar, a presidential decree forcing exporters to convert some foreign currency revenue has provided support.

Russian rouble weakens towards one-week low versus dollar

The rouble is also likely to be boosted by month-end tax payments, which usually prompt exporters to convert foreign currency revenue to pay local liabilities.

But the rouble could struggle in December as citizens tend to buy foreign currency ahead of Russia’s long New Year holidays in January.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.2% at $79.36 a barrel.

Russian stock indexes were higher.

The dollar-denominated RTS index was up 0.6% to 1,080.4 points. The rouble-based MOEX Russian index was 0.3% higher at 3,093.5 points.