Rouble edges down, balancing lower oil prices with upcoming tax support

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 21 (Reuters) - The Russian rouble weakened slightly on Friday, with lower oil prices blunting the impact of upcoming month-end tax payments that usually benefit the Russian currency.


At 0715 GMT, the rouble was 0.2% weaker against the dollar at 81.70 and was unchanged, trading at 89.53 versus the euro . It had shed 0.1% against the yuan to 11.83 . 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.


But Brent has sharply dropped in recent sessions, down 0.6% on Friday to $80.6 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.


Russian stock indexes were mixed. The dollar-denominated RTS index was down 0.1% at 1,018.2 points. The rouble-based MOEX Russian index was 0.2% higher at 2,641.2 points, hitting a more than one-year high. For Russian equities guide see For Russian treasury bonds see (Reporting by Alexander Marrow;Editing by Elaine Hardcastle)

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.