Russian rouble hovers near 69.50 vs dollar as exporters pay taxes

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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.

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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.

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“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 )