Russian rouble slips, little support from month-end tax payments
At 0800 GMT, the rouble was 0.5% weaker against the dollar at 95.81 and had lost 0.5% to trade at 103.67 versus the euro. It was virtually unchanged against the yuan at 13.12.
- Economy
- Reuters
- Published Date: 12:01 | 28 August 2023
- Modified Date: 12:01 | 28 August 2023
The Russian rouble weakened on Monday despite the approach of a monthly deadline for tax payments that is usually supportive for the currency as large exporters appeared to have stocked up on roubles in advance.
At 0800 GMT, the rouble was 0.5% weaker against the dollar at 95.81 and had lost 0.5% to trade at 103.67 versus the euro. It was virtually unchanged against the yuan at 13.12.
Tax payments are in theory supposed to support the rouble as exporters need to sell foreign currency and buy roubles to meet their obligations, but low trading volumes on Monday indicated exporters had converted the necessary sums earlier.
Brent crude oil, a global benchmark for Russia's main export, was up 0.4% at $84.84 a barrel.
Russian stock indexes were slightly positive.
The dollar-denominated RTS index was up 1.8% to 1,046 points. The rouble-based MOEX Russian index was 0.7% higher at 3,179 points.
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