MOSCOW, Oct 17 (Reuters) – The Russian rouble steadied
on Tuesday, a day after new capital controls on exporters’ sales
of foreign currency revenues came into force and as a favourable
month-end tax period approached.
At 0800 GMT, the rouble was steady at 97.36 against the
dollar and had lost 0.2% to trade at 102.74
versus the euro. It was unchanged against the
yuan at 13.29.
From Monday, 43 groups of exporting firms are required to
deposit no less than 80% of foreign currency earnings with
Russian banks and then sell at least 90% of those proceeds on
the domestic market within two weeks, the government said on
Friday.
The rouble jumped about 3% in one session last week after
President Vladimir Putin signed a decree mandating the
reintroduction of capital controls similar to those imposed
shortly after Russia invaded Ukraine in February 2022.
Moscow has said it will not publish the list of companies
affected.
The rouble should strengthen mildly as Russia’s month-end
tax period approaches, said Alor Broker’s Alexei Antonov, which
he said could be this year’s record in terms of payments.
Month-end tax payments usually support the rouble as
exporters tend to convert foreign currency revenues to pay
domestic liabilities.
Brent crude oil, a global benchmark for Russia’s
main export, was up 0.3% at $89.87 a barrel.
Russian stock indexes were higher.
The dollar-denominated RTS index was up 0.1% to
1,047.8 points. The rouble-based MOEX Russian index was
0.1% higher at 3,237.7 points.
Shares in retailer Lenta were up 2%, outperforming
the wider market, after it said it had acquired the Monetka
chain of 2,120 convenience stores for an undisclosed sum in a
deal financed by cash and debt.
For Russian equities guide see
For Russian treasury bonds see
(Reporting by Reuters; Writing by Alexander Marrow; Editing by
Robert Birsel)
