Russian rouble weakens to over two-week low vs dollar

The Russian rouble weakened to a more than two-week low past 91 to the dollar on Friday, having lost the support of a favourable month-end tax period and as market players adjusted their risk positions going into the weekend. By 1258 GMT, the rouble was 0.6% weaker against the dollar at 91.01, falling past the 91 threshold for the first time since Jan. 16.

The Russian rouble weakened to a more than two-week low past 91 to the dollar on Friday, having lost the support of a favourable month-end tax period and as market players adjusted their risk positions going into the weekend.

By 1258 GMT, the rouble was 0.6% weaker against the dollar at 91.01, falling past the 91 threshold for the first time since Jan. 16. It had lost 1% to trade at 98.90 versus the euro and shed 0.6% against the yuan to 12.64 .

"Fundamentally, the rouble does not look strong now," Alor Broker's Alexei Antonov said. "But we still expect relative rouble stability until at least mid-March." A sharp drop in oil prices pushed the rouble lower in the previous session.

Brent crude oil, a global benchmark for Russia's main export, was down 0.1% at $78.66 a barrel. Month-end tax payments, which were due earlier this week, usually support the rouble as exporters convert their foreign currency revenues to pay local liabilities. State foreign exchange sales have continued to prop up the rouble.

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 lower.

The dollar-denominated RTS index was down 0.7% to 1,116.9 points. The rouble-based MOEX Russian index was 0.1% lower at 3,227.2 points. For Russian equities guide see

For Russian treasury bonds see