The rouble should get a delayed boost from this month's
higher oil prices, which translate into higher export revenues.
Brent crude oil , a global benchmark for Russia's
main export, jumped to 2-1/2-month highs after OPEC announced
surprise supply target cuts in early April. On Thursday, Brent
was down 1.8% at $81.6 a barrel, its weakest mark since May 31.
The rouble is expected to gain support from month-end tax payments that usually lead exporters to convert foreign currency revenues to meet local liabilities. Those taxes are due on April 28. "During today's trading, the dollar will continue to trade in the 81-82 range," Promsvyazbank analysts said in a note. "We expect a gradual activation of exporters on the eve of tax payments, which will support the national currency's positions."
The value of Russia's exports dropped by 35% in the first quarter, under pressure from a Western oil embargo and price cap, the central bank said.
The bank also maintained its hawkish rhetoric on Thursday, with Governor Elvira Nabiullina telling lawmakers inflationary risks needed to decrease to create room for rate cuts, ahead of next week's board meeting.
Russian stock indexes were higher. The dollar-denominated RTS index was up 1.4% to 1,019.1 points, a three-month high. The rouble-based MOEX Russian index was 1% higher at 2,631.3 points, a more than one-year high. (Reporting by Alexander Marrow; Editing by Barbara Lewis)
