Russian rouble steadies near 91 vs US dollar

The finance ministry on Monday said it would switch back to making FX purchases from sales in the month ahead, slightly reducing the overall daily sales the state makes and reducing some support for the rouble. The possible extension of capital controls requiring exporters to convert foreign currency revenue beyond April 30 could support the rouble.

The Russian rouble steadied near 91 to the dollar on Friday, on course for a weekly rise after two weeks of declines, but still sensitive to changes in exporters' foreign currency supply and state forex interventions. At 0742 GMT, the rouble was 0.1% stronger against the dollar at 90.74 and had gained 0.1% to trade at 97.80 versus the euro. It had firmed 0.1% against the yuan to 12.54.

"For now we see no reason for significant movement in the rouble and expect the exchange rate to remain for the foreseeable future in the 87.5-92.5 range to the dollar," said Alor Broker's Alexei Antonov. The finance ministry on Monday said it would switch back to making FX purchases from sales in the month ahead, slightly reducing the overall daily sales the state makes and reducing some support for the rouble.

The possible extension of capital controls requiring exporters to convert foreign currency revenue beyond April 30 could support the rouble. The central bank swiftly opposed the government's proposal for an extension last month, but the measure was supported by other key decision makers. Brent crude oil, a global benchmark for Russia's main export, was down 0.2% at $81.48 a barrel.

Russian stock indexes were lower. The dollar-denominated RTS index was down 0.4% to 1,120.0 points. The rouble-based MOEX Russian index was 0.5% lower at 3,226.1 points.

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