The Russian rouble was unchanged against the US dollar on Wednesday as demand for the Russian currency edged up with companies selling forex earnings to meet end-of-month tax liabilities.

At 0750 GMT, the rouble held at 81.56 against the greenback, but had dipped 0.5% against the euro to 89.93.

Some Russian companies converting roubles to make Eurobond repayments were likely acting as a counter-weight, holding back the Russian currency’s ability to rise further, analysts at state-owned Sberbank CIB said.

The rouble was also flat against the Chinese yuan at 11.76.

Analysts say relatively high oil prices could boost the rouble at the end of a torrid month that saw the Russian currency slide to its lowest level in almost a year.

Russian exporters typically convert their foreign currency earnings to pay domestic tax bills in the final days of the month.

Global benchmark Brent crude was unchanged Wednesday at $80.77 a barrel.

Russian rouble edges lower, moving away from 2-week high vs dollar

The Russian stock market appeared unfazed by the fresh bout of banking-led volatility that hit the United States on Tuesday.

The dollar-denominated RTS index was flat at 1,014.1 points, as was the rouble-based MOEX Russian index at 2,626.6 points.

Russian policymakers, including central bank chief Elvira Nabiullina, have repeatedly said the country’s economy and markets are largely shielded from such global turmoil due to Western sanctions and the structure of its banking sector.

The market is also eyeing Friday’s interest rate decision from the central bank.

Analysts polled by Reuters expect a hold at 7.5%, with the risk of inflationary pressure picking up and limiting room for manoeuvring any monetary easing.