Russian rouble strengthens as tax payments beckon, oil prices rise

The Russian rouble strengthened on Monday, supported by rising oil prices and this week's month-end tax payment, which usually sees exporters convert foreign exchange revenues to pay local liabilities. The rouble could test the lower boundary of the 76-77 range against the dollar in today's trading, said Promsvyazbank analyst Egor Zhilnikov. "The approaching end of tax payments and also a rather favourable backdrop on energy markets will show support," Zhilnikov said.

The Russian rouble strengthened on Monday, supported by rising oil prices and this week's month-end tax payment, which usually sees exporters convert foreign exchange revenues to pay local liabilities. At 0728 GMT, the rouble was 0.5% stronger against the dollar at 76.69, recovering after clipping a near one-week low at market opening.

It had gained 0.3% to trade at 82.49 versus the euro . It had firmed 0.1% against the yuan to 11.13 . The rouble could test the lower boundary of the 76-77 range against the dollar in today's trading, said Promsvyazbank analyst Egor Zhilnikov.

"The approaching end of tax payments and also a rather favourable backdrop on energy markets will show support," Zhilnikov said. Taxes this month are due on Tuesday.

Brent crude oil, a global benchmark for Russia's main export, was up 1.1% at $75.80 a barrel, supporting Russian stock indexes. The dollar-denominated RTS index was up 1.5% to 992.5 points. The rouble-based MOEX Russian index was 1% higher at 2,415.9 points.

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