Rouble Weakens Towards 62 vs Dollar, tocks up.

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The rouble weakened towards 62 to the U.S. dollar, pressured by falling oil prices but supported by looming taxes; that usually boost demand for the Russian currency, while stock indexes climbed higher.

The rouble was 0.6% weaker against the dollar at 61.56 and was steady at 62.39 against the euro.

The rouble is the world’s best-performing currency this year thanks to capital controls; and is to find more support soon from month-end tax payments that usually prompt export-focused companies to convert part of their foreign currency revenues.

Rouble volatility has declined recently after wild swings which saw it hit a record low of 121.53 to the dollar on the Moscow Exchange in March, days after Russia sent tens of thousands of troops into Ukraine on Feb. 24, and then rally to a seven-year peak of 50.01 in June.

On the stock market, the dollar-denominated RTS index (.IRTS) inched 0.1% higher to 1,113.5 points and its rouble-based peer MOEX (.IMOEX) was 0.5% higher at 2,175.9 points.

Reuters,

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