MOSCOW: The rouble rebounded after hitting its lowest in almost two weeks past 90 to the dollar on Monday, support by relatively high oil prices, state foreign currency sales and month-end tax payments that usually boost the Russian currency.

By 1437 GMT the rouble was 0.8% stronger against the dollar at 89.01, having earlier touched 90.24 for its weakest since Jan. 16.

It had gained 1.2% to trade at 96.27 versus the euro and firmed 0.9% against the yuan to 12.31.

Russian rouble eases to one-week low as month-end taxes approach

The rouble should recoup its morning losses during the session, said Bogdan Zvarich, chief analyst at Banki.ru, supported by rising oil prices.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.3% at $83.80 a barrel, earlier touching its strongest point since early November.

Month-end tax payments, which require exporters to convert foreign currency revenues into roubles, usually buttress the Russian currency later in the month. However, Alor Broker’s Alexei Antonov said exporters now tend to distribute their FX sales across the month, nullifying that impact.

The rouble does still have strong support from state FX sales at the equivalent of 16.7 billion roubles ($185.9 million) a day.

The currency could also gain a boost should capital controls requiring exporters to convert foreign currency revenue be extended beyond April 30. Market players are on the lookout for news after the government’s proposal for an extension was swiftly opposed by the central bank last week.

Russian stock indexes were higher.

The dollar-denominated RTS index was up 0.4% at 1,114.1 points. The rouble-based MOEX Russian index gained 0.4% to 3,175.2 points.