Russian rouble firms as tax payments kick in

15 Mar, 2019

Taxes could amount to as much as 2.9 trillion roubles ($44.3 billion) this month, nearly double February's level, a Reuters survey of eight analysts showed.

At 0744 GMT, the rouble was 0.2 percent stronger against the dollar at 65.41 and 0.1 percent firmer at 74.04 versus the euro.

The rouble is likely to hover within a range of 64.50-65.00 against the dollar in the near term, said Dmitry Polevoy, chief economist at Russian Direct Investment Fund.

"Despite a lower correlation between the FX rate and oil in the past months, the rouble still receives substantial support from the oil market in the conditions of a geopolitical lull," Rosbank analysts said in a note.

Brent crude oil, a global benchmark for Russia's main export, rose 0.3 percent to $67.45 a barrel, hovering near its 2019 high of $68.14 touched the day before.

Russian stock indexes edged higher.

The dollar-denominated RTS index rose 0.2 percent to 1,184.5 points, while the rouble-based MOEX Russian index  gained 0.1 percent to 2,460.3. points.

Copyright Reuters, 2019

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