MOSCOW: The Russian rouble strengthened on Tuesday thanks to higher oil prices and local month-end tax payments. At 0800 GMT, the rouble was 0.19 percent stronger against the dollar at 57.73 and had gained 0.1 percent to trade at 71.26 versus the euro.
Oil prices rose, lifted by a weak dollar, tensions in the Middle East and concerns about a further fall in Venezuelan output.
Support for the rouble came from month-end tax payments in Russia, which began on March 15. To meet these duties, Russian export-focused companies usually convert their dollar revenues into roubles.
Exporters are gradually accumulating rouble cash piles for the current tax period, analysts at VTB said in a note. The peaks of payments will be on March 26 and March 28.
The rouble has been under pressure after state statistics service data that showed Russia’s industrial output was down 2.0 percent in month-on-month terms.
