MOSCOW (Reuters) – The rouble traded steady on Thursday, with a favourable month-end tax period supporting the Russian currency amid volatility on oil markets and the constant threat of geopolitical and sanctions risk over the conflict in Ukraine.
At 0803 GMT, the rouble was 0.1% stronger against the dollar at 61.66 and was unchanged at 60.37 versus the euro. It had shed 0.1% against the yuan to 8.47.
“We expect the moderate strengthening of the Russian currency to continue,” said Alor Broker in a note.
The rouble is buttressed by a month-end tax period that usually sees export-focused firms convert foreign exchange revenues into roubles to pay domestic tax liabilities.
“The main pointer for the market in the coming days remains the large tax payments, before the end of which it will likely be hard for the dollar to recover its position above 62 to the rouble,” said Veles Capital analysts.
Brent crude oil, a global benchmark for Russia’s main export, was up 1.4% at $93.7 a barrel.
“Amid major uncertainty in Russia no clear trend is yet visible,” said BCS Global Markets, expecting consolidation to continue.
Russian stock indexes were recovering some of the ground lost in the previous session.
The dollar-denominated RTS index was up 1.5% to 1,025.2 points. The rouble-based MOEX Russian index was 1.4% higher at 2,006.5 points.
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(Reporting by Alexander Marrow; Editing by Gareth Jones)
