Russia's current account surplus shrank by around 73% in January-March on an annual basis to $18.6 billion, the central bank said on Tuesday, as the country's fiscal safety net frays in the face of sharply lower energy revenues. At 0750 GMT, the rouble was 0.1% weaker against the dollar at 82.06 and had lost 0.1% to trade at 89.70 versus the euro . It was unchanged against the yuan at 11.91 . The Russian currency accelerated a months-long slide last week, tumbling to a one-year low at 83.5 against the dollar, on a lack of foreign currency in Moscow and the sale of Western businesses in Russia. Central Bank Governor Elvira Nabiullina on Wednesday told lawmakers the rouble's weakening was down to a drop in exports, a recovery in imports and lower prices for oil. The rouble will benefit from higher oil prices, which jumped in April after OPEC+ target production cuts, with a lag, she added.
Brent crude oil , a global benchmark for Russia's main export, was up 0.2% at $85.8 a barrel. After spending much of last year as the world's best-performing currency, the rouble has suffered after the West imposed fresh sanctions on Moscow's crucial oil exports in the form of an oil price cap and an EU embargo on Russia's sea-borne crude exports. Nabiullina suggested that month-end tax payments, which usually see exporters convert foreign currency revenues to meet local liabilities, would provide rouble support.
The supply of foreign currency is currently insufficient for the rouble's recovery, said Banki.ru chief analyst Bogdan Zvarich, expecting the rouble to return to the 75-80 range against the dollar once exporters begin to prepare for tax payments.
Russian stock indexes were lower. The dollar-denominated RTS index was down 0.3% to 970.9 points. The rouble-based MOEX Russian index was 0.2% lower at 2,529.1 points, dropping slightly from a one-year high hit on Tuesday.
The finance ministry is due to hold two OFZ treasury bond
auctions later on Wednesday.
(Reporting by Alexander Marrow; additional reporting by Elena
Fabrichnaya; Editing by Raissa Kasolowsky)
