MOSCOW: The Russian rouble strengthened against the US dollar on Tuesday, supported by foreign currency sales by exporting companies that convert their earnings into roubles to pay domestic taxes at the end of the month.

At 0800 GMT, the rouble was 0.5% stronger at 91.80 to the dollar, according to LSEG data.

The rouble fell as much as 9% against the dollar earlier in August after Ukraine’s surprise attack on Russia’s Kursk region, before stabilising around current levels.

“The rouble feels comfortable ahead of the main tax payment period,” said Zenit bank analyst Vladimir Evstifeev.

Trading in major currencies in Russia shifted to the over-the-counter (OTC) market, obscuring price data, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on June 12.

According to an analysis of the OTC market, the rouble weakened by 0.6% to 11.74 against the Chinese yuan, which has become the most traded foreign currency in Moscow.

The rouble strengthened by 1.4% against the yuan in Monday’s session.

Russian rouble mostly unchanged against US dollar

The rouble is currently benefiting from high interest rates after the central bank increased its benchmark rate to 18% in July.

One-day rouble-dollar futures, which trade on the Moscow Exchange and are a guide for OTC market rates, were down 0.2% at 90.57.

The central bank’s official exchange rate, which it calculates using OTC data, was set at 91.77 to the dollar.

The rouble was 0.2% stronger at 102.39 against the euro, according to LSEG data.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.2% at $81.30 a barrel, as prices paused recent advances after a surge of more than 7% in the previous three sessions.