Russian rouble strengthens, bolstered by foreign currency sales

MOSCOW: The Russian rouble strengthened against the dollar on Wednesday, helped by rising foreign currency sales by exporting companies.

By 0800 GMT, the rouble was 1.5% higher at 86.55 against the dollar.

Russian exporters started converting their foreign currency earnings into roubles ahead of corporate tax payments due on July 29. These sales are supporting the Russian currency.

Sanctions on Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), led to a range of varying prices and spreads as trading shifted to the over-the-counter (OTC) market on June 14, obscuring access to reliable pricing for the Russian currency.

Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble firmed 0.6% to 11.83, according to an analysis of the OTC market.

It was up 1.7% at 93.76 against the euro.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.3% at $81.37 a barrel.