Russian rouble rises to 61% against dollar

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Russian rouble rises to 61% against dollar

Sheets of the newly designed Russian 100 rouble banknotes are seen at the Goznak printing factory in Moscow.

MOSCOW Reuters - The Russian rouble increased on Friday, trading in a narrow range between 60 and 61 to the dollar, as it has for much of the week, supported by exporters buying roubles to cover month-end tax payments.

The rouble was 0.3% stronger against the dollar at 60.50 at the moment, and had gained 0.5% to trade at 62.90 against the euro at 0710 GMT. It had firmed by 0.3% against the yuan to 8.43.

Alexei Antonov, Alor Broker, said that the rouble has been painting a similar picture of late, rising for most of the day and giving up gains in the last two hours of trading.

Antonov said that the trading pattern is likely to continue today.

The rouble is supported by a month-end tax period in which foreign exchange revenue is converted into roubles to pay domestic liabilities.

The global benchmark for Russia's main exports was up 0.3% to $85.6 a barrel.

The dollar-denominated RTS index was up 0.4% to 1,150. 9 points. The Russian MOEX index was 0.1% lower at 2,209. 6 points.

During the previous session, the market participants were relatively inactive, said Sinara Investment Bank. The dynamics of Veon securities was one of the bright spots.

The shares of Amsterdam-listed telecoms operator went up after it announced plans to sell its Russian business, Vimpelcom, to senior members of the Vimpelcom management team, for 130 billion roubles $2.2 billion.