# Russian rouble nears 4-week high versus dollar
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-19
Category: TRADING
Category URL: https://financedigest.com/category/trading
Meta Title: Russian rouble strengthens as Phosagro shares soar
Meta Description: Discover the latest on the rouble strengthening against the dollar, supported by month-end tax payments and Phosagro's surge in shares. Follow the market
URL: https://financedigest.com/russian-rouble-nears-4-week-high-versus-dollarhtml

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(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine)

MOSCOW (Reuters) – The rouble firmed to a near four-week high against the dollar in early trade on Friday, supported by month-end tax payments that boost demand for the Russian currency, while shares in fertiliser producer Phosagro surged after strong results.

At 0704 GMT, the rouble was 0.5% stronger against the dollar at 59.20 after briefly hitting 57.70, a level last seen on July 25.

Against the euro, the rouble gained 0.9% to 59.65.

The [rouble is set to see support from month-end taxes that usually prompt export-focused companies to increase conversion](https://www.financedigest.com/rouble-falls-past-61-vs-dollar-as-conversion-of-depository-receipts-begins.html "Rouble falls past 61 vs dollar as conversion of depository receipts begins") of their foreign currency revenues to meet local duties.

Year-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](https://www.financedigest.com/eu-lawmakers-call-for-summit-to-control-very-powerful-ai.html "EU lawmakers call for summit to control ‘very powerful’ AI") “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](https://www.financedigest.com/dollar-pauses-for-breath-as-fed-swings-into-focus.html "Dollar pauses for breath as Fed swings into focus") on the Moscow Exchange in March and then rally to a seven-year peak of 50.01 in June.

On the [stock market](https://www.financedigest.com/bitcoin-falls-to-22-month-low-as-stock-markets-tumble.html "Bitcoin falls to 22-month low as stock markets tumble"), the dollar-denominated RTS index slid 0.2% to 1,159.4 points. The rouble-based MOEX Russian index was 0.4% lower at 2,186.7 points.

Shares in Phosagro outperformed the market and climbed [4.4% higher on the day after the company said late on Thursday that its net](https://www.financedigest.com/44-of-uk-households-are-worried-theyll-have-to-foot-the-bill-for-net-zero.html "44% of UK Households are Worried They’ll Have to Foot the Bill for Net Zero") profit rose by 165% in the first half of 2022 and its board recommended to pay 780 roubles ($13.18) per share in dividends.

($1 = 59.20 roubles)

(Reporting by Andrey Ostroukh; editing by Barbara Lewis)


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