# Rouble eases from near 4-week high vs dollar, firms vs euro
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-22
Category: TRADING
Category URL: https://financedigest.com/category/trading
Meta Title: Russian rouble outlook: Tax payment period supports near four-week high
Meta Description: Stay updated on the Russian rouble as tax payment period approaches and exporters convert forex revenues. Expert insights on potential impacts on currency
URL: https://financedigest.com/rouble-eases-from-near-4-week-high-vs-dollar-firms-vs-eurohtml

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MOSCOW (Reuters) -The Russian rouble pulled back from last week’s near four-week high against the dollar on Monday but held near its strongest levels this month, with a tax payment period looming that usually sees exporters convert forex revenues into roubles.

At 1358 GMT, the rouble was down 0.3% to 59.25 against the dollar, having hit 60.1150 earlier on Monday as it fell sharply from Friday’s 57.70 high.

“The backdrop for the rouble this week should be supportive,” Sberbank CIB said in a note, referring to the month-end tax payment period that usually prompts exporters to increase conversion of foreign currency to meet local duties.

But once the tax payment deadline passes, the rouble is seen weakening sharply, with Alor Broker saying it could [drop as far as 65 against the dollar](https://www.financedigest.com/dollar-drops-as-inflation-cools-more-than-expected.html "Dollar drops as inflation cools more than expected").

Against the euro, the rouble gained 0.9% to 59.05 – far from the record [low of 132.42 it touched in March days after Moscow began what it calls](https://www.financedigest.com/monte-dei-paschis-cash-call-93-covered-so-far-despite-low-shareholder-take-up.html "Monte dei Paschi’s cash call 93% covered so far despite low shareholder take-up") a “special military operation” in Ukraine on Feb. 24.

The [euro weakened against the dollar](https://www.financedigest.com/pound-hits-10-month-peak-euro-up-as-dollar-under-pressure.html "Pound hits 10-month peak, euro up as dollar under pressure") globally as natural gas prices surged, Sberbank CIB said.

[Europe faces fresh disruption to energy](https://www.financedigest.com/europes-energy-crisis-and-the-nuclear-path-out.html "Europe’s energy crisis and the nuclear path out") supplies due to damage to a pipeline system that brings oil from Kazakhstan through Russia, the pipeline operator said on Monday, adding to concerns over a plunge in gas supplies.

Year-to-date, the rouble has become the world’s best-performing [currency https://emea1.apps.cp.thomsonreuters.com/Apps/NewsServices/mediaProxy?apiKey=6d416f26-7b24-4f31-beb6-1b5aa0f3fafb&url=http%3A%2F%2Ffingfx.thomsonreuters.com%2Fgfx%2Frngs%2FGLOBAL-CURRENCIES-PERFORMANCE%2F0100301V041%2Findex.html as a result of capital controls that Russia has to impose to mitigate financial stability risks](https://www.financedigest.com/u-s-dollar-advances-vs-major-currencies-as-risk-appetite-fades.html "U.S. dollar advances vs major currencies as risk appetite fades").

Rouble volatility has subsided after wild swings that saw it [hit a record low of 121.53 to the dollar](https://www.financedigest.com/european-shares-hit-nine-month-high-dollar-wobbles-after-powell-remarks.html "European shares hit nine month high, dollar wobbles after Powell remarks") on the Moscow Exchange in March and then rally to a seven-year peak of 50.01 in June.

[Russian stock](https://www.financedigest.com/russian-rouble-firms-towards-60-vs-dollar-stocks-up.html "Russian rouble firms towards 60 vs dollar, stocks up") indexes rose.

The dollar-denominated RTS index was up 0.6% at 1,177.7 points. The rouble-based MOEX Russian index was 0.9% higher at 2,215.5 points.

For Russian [equities guide see](https://www.financedigest.com/global-equity-funds-see-biggest-weekly-outflow-in-five-weeks.html "Global equity funds see biggest weekly outflow in five weeks")

For [Russian treasury bonds see](https://www.financedigest.com/in-u-turn-iea-sees-world-weathering-lost-russian-oil-supply.html "In U-turn, IEA sees world weathering lost Russian oil supply")

(Reporting by Alexander Marrow and Andrey Ostroukh; Editing by Kirsten Donovan and Mark Potter)


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