Russian rouble weakens as tax payments end

MOSCOW, March 29 (Reuters) - The Russian rouble weakened on Wednesday, trading at 77 against the dollar ahead of two government debt auctions, as higher oil prices offset the negative impact of exporters completing month-end tax payments. At 0723 GMT, the rouble was 0.2% weaker against the dollar at 77.08 and had lost 0.3% to trade at 83.44 versus the euro . It was unchanged at 11.18 against the yuan . Month-end taxes, which usually see exporters convert foreign exchange revenues into roubles to pay local liabilities, were due on Tuesday.

Brent crude oil , a global benchmark for Russia's main export, was up 0.5% at $79.1 a barrel, just shy of a two-week high.

The tax period has only paused the rouble's devaluation, with the Russian currency unresponsive to higher oil prices, said Alor Broker's head of investment consulting Alexei Antonov. This suggests that the rouble could quickly head towards the 80 mark, should any, even weak, negative factors appear, he added. Russia's finance ministry will hold two auctions of OFZ treasury bonds later on Wednesday.

Russian stock indexes were lower. The dollar-denominated RTS index was down 0.3% to 997.1 points. The rouble-based MOEX Russian index was 0.1% lower at 2,438.8 points. For Russian equities guide see For Russian treasury bonds see (Reporting by Alexander Marrow; Editing by David Holmes)

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Russian rouble weakens as tax payments end

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

Solid price gains for gold, silver after busy news weekend

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout