"The stable situation on the energy market and the impending start of exporters' preparations for tax payments, which will increase the supply of foreign currency on the market, will be taken into account by investors, show support to the rouble and facilitate its growth," said Banki.ru Chief Analyst Bogdan Zvarich in a note. Month-end tax payments usually see exporters convert foreign currency revenues to meet local liabilities.
"It is highly likely that the rouble's downward trend from mid-January is over, we expect a gradual strengthening of the Russian currency," Alor Broker's Alexei Antonov said.
After spending much of last year as the world's best-performing currency, the rouble has suffered after the West imposed new sanctions on Russia's oil exports in the form of an oil price cap and an EU embargo on its sea-borne crude exports.
The rouble is down around 10% year-to-date, the third-worst performer among global currencies so far this year.
A recovery in Russian imports, high demand for foreign currency as Western companies leaving Russia sell assets, and a seasonal drop in tax payments all contributed to the rouble slumping to a one-year low last week.
Brent crude oil , a global benchmark for Russia's main export, was down 0.2% at $85.9 a barrel, but still close to a 2-1/2-month high.
Russian stock indexes were mixed. The dollar-denominated RTS index was up 0.2% to 984.9 points. The rouble-based MOEX Russian index was flat at 2,544.0 points. For Russian equities guide see For Russian treasury bonds see (Reporting by Alexander Marrow Editing by Mark Potter)
