Month-end tax payments that usually lead exporters to convert foreign currency revenue to meet local liabilities are putting a floor under the rouble. Those taxes are due on April 28. Brent crude oil , a global benchmark for Russia's main export, was up 0.5% at $78.1 a barrel, marginally up from a near one-month low hit in the previous session. Oil prices dropped almost 4% on Wednesday, extending sharp losses from the previous session, driven by fears of a U.S. recession and an increase in Russian oil exports which dulled the impact of OPEC production cuts. The market is also looking ahead to Friday's interest rate decision. Weekly consumer prices rose marginally last week, data showed on Wednesday, cementing expectations of analysts polled by Reuters, who expect the central bank to hold rates at 7.5%, with the risk of inflationary pressure picking up limiting room for manoeuvre on any monetary easing. "We still see no reason for the central bank to change the rate and its rhetoric, but inflation risks will continue to concern the central bank more than economic growth," said Dmitry Polevoy, head of investment at Locko-Invest.
Russian stock indexes were higher. The dollar-denominated RTS index was up 0.1% to 1,012.4 points. The rouble-based MOEX Russian index was 0.1% higher at 2,623.6 points. For Russian equities guide see For Russian treasury bonds see (Reporting by Alexander Marrow; Editing by Hugh Lawson)
