MOSCOW: The Russian rouble steadied near 80 to the dollar on Monday, supported by high interest rates, low demand for foreign currency and the prospect of upcoming tax payments by major exporters.
By 0828 GMT, the rouble was down 0.3% at 79.75 per US dollar, LSEG data based on over-the-counter quotes showed. The Russian currency hit a near two-year high of 79.32 to the dollar last week.
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.
The government last week said it had extended requirements for major exporters to sell a proportion of their foreign currency earnings until the end of April 2026, buttressing the rouble.