The Russian ruble is moving lower, awaiting the tax payment period

MOSCOW (Armfalcon.com) – The Russian ruble weakened in early trading Tuesday, moving near the 82 mark against the US dollar but remaining within the same range as in recent sessions, as markets wait to see the impact of the upcoming tax payments and higher oil prices .

By 0732 GMT, the ruble was down 0.3 percent against the dollar to trade at 81.67 and had lost 0.5 percent to trade at 89.55 versus the euro. The Russian currency had also fallen 0.3 percent against the yuan to 11.85.

The ruble is set to gain support from month-end tax payments that usually cause exporters to convert foreign currency earnings to meet local obligations. Taxes are due on April 28.

The Russian currency will also get a delayed boost from higher oil prices this month, meaning higher export earnings.

Brent crude, the global benchmark for Russia’s main export, rose 0.4 percent to trade at $85.1 a barrel.

Russian stock index mixed. The dollar-denominated RTS index fell 0.2 percent to trade at 1,002.4 points. Russia’s ruble-based MOEX Index traded 0.1 percent higher at 2,598.3 points, a more than one year high.

Also read: The ruble fell again, broke 82 against the dollar, wait for forex support
Also read: Dollar weakens after China’s GDP data beat forecasts
Also read: The yuan fell 135 basis points to 6.8814 against the US dollar

source: www.antaranews.com

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