MOSCOW: The Russian rouble was steady early on Friday as the market contemplated a possible easing of strict oil supply curbs by OPEC and non-OPEC countries as well as the news flow from an annual economic forum in St Petersburg.
At 0735 GMT, the rouble was little changed at 61.64 against the dollar and 0.1 percent firmer at 72.08 versus the euro.
The rouble has still retained support from month-end tax payments that usually prompt export-focused companies to convert dollar revenues in order to meet local duties.
This support is likely to evaporate next week after taxes are paid and the rouble may then weaken to 62.0-62.5 per dollar, Rosbank, a subsidiary of Societe Generale, said in a note.
Oil prices nodded lower on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.6 percent at $78.35 a barrel.
Russian stock indexes gained. The dollar-denominated RTS index was up 0.3 percent to 1,177.4, while its rouble-based peer MOEX gained 0.5 percent to 2,305.3 points.
Source: Brecorder
