MOSCOW: The Russian rouble hovered close to a near two-year high against the dollar on Friday, buoyed by limited demand for foreign currency and the prospect of month-end tax payments by major exporters that usually buttress the currency.
By 0950 GMT, the rouble was up 0.2% at 79.50 per US dollar, LSEG data based on over-the-counter quotes showed, after hitting 79.32 to the dollar, its highest level since June 2, 2023, on Thursday.
The Russian currency has strengthened by over 40% against the dollar this year, a rise analysts have attributed to the easing of geopolitical tensions - mainly with US President Donald Trump’s administration - and the central bank’s tight monetary policy, which has reduced demand for foreign currency.
Against the Chinese yuan, the rouble was down 0.1% at 11.05 on the Moscow Stock Exchange. Russia’s central bank uses yuan for foreign exchange interventions, and it is the most-traded foreign currency in Russia.