Rouble Rises Ahead of Tax Agendas Amid Global Market Tensions

The Russian rouble made slight gains against the dollar and China's yuan as the approaching month-end tax payments prompt Russian corporations to sell foreign currency earnings. Brent crude oil prices also saw a dip amid investor focus on the Ukraine conflict and new U.S. tariffs on India.

In a mild rebound, the rouble has appreciated against both the dollar and the yuan as Russian corporations prepare for month-end tax settlements. As of 1030 GMT, data recorded by LSEG noted the rouble trading at 80.4 against the dollar, marking a slight increase from Tuesday's close.

Simultaneously, the currency advanced by 0.17% against the Chinese yuan. This movement is attributed to expected selling of foreign currency earnings by exporters ahead of the mandatory tax payment scheduled for August 28, a routine that bolsters the rouble.

Oil markets witnessed a parallel trend. Brent crude oil prices dipped slightly to $67.12 per barrel amidst ongoing concerns over the Ukraine conflict and China's economy following the U.S.'s new trade tariffs on India.

(With inputs from agencies.)