The Russian rouble weakened slightly on Friday, under pressure from buying of forex for state reserves in a market subdued by Easter holidays in many countries, but local tax payments offered some support. At 0825 GMT, the rouble was 0.07 percent weaker against the dollar at 63.93 and had lost 0.13 percent to trade at 71.91 versus the euro.
"US and European markets will be shut today, so trading will likely be overall inactive," analysts at VTB Capital said in a note. Forex purchases for state reserves can weigh on the rouble more than normal in such conditions. The Russian finance ministry buys 11.6 billion roubles ($181.35 million) worth of foreign currency per day.
However, the amount is currently higher as the central bank from Feb. 1 also started carrying out FX purchases it had postponed in 2018 due to rouble volatility. Higher oil prices continued to underpin the rouble, limiting the move lower. Brent crude oil, a global benchmark for Russia's main export, was up 0.54 percent at $72.01 a barrel.
Local tax payments also supported the Russian currency. The payments, which run until the end of the month, prompt export-focused companies to convert foreign currency to meet local liabilities.
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