Russian Stocks Rise As The Rouble Reaches A One-Week High Against The Euro.

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The Russian rouble strengthened to a one-week high against the euro, boosted by upcoming tax payments; that usually boost demand for the Russian currency, while stock indexes climbed higher.

The rouble had gained 0.7% to trade at 61.67 versus the euro , earlier clipping a one-week high of 61.60. It was 0.3% stronger against the dollar at 60.72 .

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

The rouble is likely to trade in the range of 60 to 62 against the dollar until exporters become more active in terms of tax payments, Promsvyazbank analysts said in a note.

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

Reuters.

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