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Russian rouble up, spurred by tax payments

Russian rouble up, spurred by tax paymentsMOSCOW: The Russian rouble opened higher on Tuesday, buoyed by the start of monthly tax payments.

At 0715 GMT, the rouble was 0.05 percent stronger against the dollar at 65.61 and had gained 0.1 percent to trade at 75.93 versus the euro.

The Russian currency got support from local tax payments for the month of October, which came due on Monday. To meet the duties, export-focused companies usually convert their foreign currency revenues into roubles.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.27 percent at $80.56 a barrel.

Russian stock indexes rose. The dollar-denominated RTS index was up 0.1 percent to 1,148 points. The rouble-based MOEX Russian index was 0.04 percent higher at 2,390 points.

The finance ministry is due to announce later on Tuesday whether it will hold an auction of its OFZ bonds and if so the amount to be sold.

Copyright Reuters, 2018

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Source: Brecorder

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