Rouble Steadies Near 60 Vs Dollar, Stocks Down.

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The rouble eased but still traded near 60 against the dollar as it retained some support from month-end tax payments that prompt export-focused firms to step up conversion of foreign currency, while stock indexes inched lower.

At 0737 GMT, the rouble was 0.3% weaker against the dollar at 60.10 and eased 0.2% to 59.69 to the euro.

“The dollar-rouble pair has been in a relatively narrow 57-61 range for almost a month and a half. The rouble has stopped strengthening and the pair seems to have momentarily reached a supply and demand equilibrium,” said Mikhail Biryukov, chief analyst at Alfa Capital.

ear-to-date, the rouble has become the world’s best-performing currency as a result of capital controls; that Russia imposed after beginning what it calls “a special military operation” in Ukraine on Feb. 24.

Rouble volatility has subsided after wild swings that saw it hit a record low of 121.53 to the dollar; on the Moscow Exchange in March and then rally to a seven-year peak of 50.01 in June.

Reuters.

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