The Russian rouble surged to a one-week high against the dollar on Monday, as a favourable month-end tax period approached its peak and the market opened for the first time since the latest Western sanctions were imposed against Moscow.
By 1447 GMT, the rouble was 1.1% stronger against the dollar at 91.89, its strongest point since Feb. 19.
It had gained 0.4% to trade at 99.60 versus the euro and firmed 0.7% against the yuan to 12.71 .
Sanctions risk put the rouble under pressure last week, as the United States targeted more than 500 people and entities to mark the second anniversary of what Moscow calls a “special military operation” in Ukraine and retaliate for the death of Russian opposition leader Alexei Navalny.
The Russian market was closed on Friday to mark a holiday.
The rouble should be buttressed by month-end tax payments that usually see exporters convert foreign exchange revenues to meet local liabilities, but that support will soon fade.
“In the short term, rouble quotes will trade in the 90-94 range relative to the dollar,” said Anton Kravchenko of First Asset Management.
Brent crude oil, a global benchmark for Russia’s main export, was unchanged at $81.64 a barrel.
Russian stock indexes were higher.
The dollar-denominated RTS index was up 3.3% to 1,099.4 points. The rouble-based MOEX Russian index was 2% higher at 3,206.5 points.
