Russian rouble steadies, boosted by strong oil and upcoming taxes

The rouble hovered near 92.5 to the dollar on Wednesday, steadying after a few volatile sessions around Russia's presidential election and buttressed by strong oil prices and the promise of upcoming month-end tax payments. Month-end tax payments that usually see exporters convert foreign currency revenues to meet local liabilities should also lend the rouble support. Russian stock indexes were higher.

The rouble hovered near 92.5 to the dollar on Wednesday, steadying after a few volatile sessions around Russia's presidential election and buttressed by strong oil prices and the promise of upcoming month-end tax payments. At 0745 GMT, the rouble was 0.1% stronger against the dollar at 92.60 and had lost 0.1% to trade at 100.72 versus the euro. It had firmed 0.1% against the yuan to 12.82.

President Vladimir Putin secured a landslide election victory last week, extending his rule by a further six years. His win was condemned as unfair and undemocratic by Western governments, but he was congratulated by China, India, North Korea and others. The Russian market is also looking ahead to a central bank rate decision on Friday, with all 24 analysts polled by Reuters expecting a hold at 16%.

Brent crude oil, a global benchmark for Russia's main export, was down 0.4% at $87.02 a barrel. It reached its strongest level since early November in the previous session. Month-end tax payments that usually see exporters convert foreign currency revenues to meet local liabilities should also lend the rouble support.

Russian stock indexes were higher. The dollar-denominated RTS index was up 0.3% to 1,114.4 points. The rouble-based MOEX Russian index was 0.3% higher at 3,275.6 points.

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