Russian rouble hovers near 69.50 vs dollar as exporters pay taxes
The Russian rouble weakened marginally against the dollar on Monday, staying within the relatively narrow band of recent sessions, with some support set to ebb as companies make month-end tax payments.
The rouble was 0.1% weaker against the dollar at 69.51 by 0759 GMT. It strengthened 0.2% against the euro to 75.38 and shed 0.2% versus the yuan to 10.28.
The rouble usually gains support from month-end tax payments, when exporters convert foreign exchange revenue to pay local liabilities. A scheduling adjustment means that taxes this year are due in a single payment, which this month falls on Jan. 30.
“The Russian currency may lose tax period support this week and be at risk of further declines,” Veles Capital said in a note.
The rouble is also buttressed by foreign currency sales by the government, which is offloading up to 3.2 billion roubles ($46 million) per day of Chinese yuan.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.8% at $86.00 a barrel.
Russian stock indexes were steady.
The dollar-denominated RTS index was unchanged at 992.8 points while the rouble-based MOEX Russian index was up 0.1% at 2,190.9 points.
Shares in state telecoms provider Rostelecom jumped 5.6% after a report by daily paper Kommersant said the company was in talks to buy rival Megafon.
For Russian equities guide see
For Russian treasury bonds see ($1 = 69.5955 roubles) (Reporting by Alexander Marrow Editing by David Goodman )
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