Russian Rouble Strengthens Against Dollar and Euro Amid Tax Support
On Thursday, the Russian rouble showed strength against the U.S. dollar and euro, gaining support from month-end corporate taxes.
At 0743 GMT, the rouble stood 0.9% stronger against the dollar at 90.46 and had increased by 0.5% to trade at 100,70 versus the euro. It also firmed by 0.5% against the yuan to 12,67.
“The rouble continues to strengthen for the fourth day in a row. Thus, we can say that the measures taken by the authorities to curb the rouble’s decline are clearly working,” stated Alor Broker’s Alexei Antonov.
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, as have elevated interest rates.
A global benchmark for Russia’s main export, crude oil, rose 0.05% to $79.69 a barrel.
Russian stock indexes showed mixed results, with the dollar-denominated RTS index up 0.59% at 1,075.02 and the rouble-based MOEX Russian index 0.34% lower at 3,086.94.
For Russian equities guide, see the official resources. For Russian treasury bonds, refer to the relevant documents.
