Russian ruble rises in narrow trading range against dollar By Reuters

© Reuters. CAPTION: Sheets of newly designed Russian 100-ruble notes are seen at the Goznak printing plant in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via REUTERS

MOSCOW (Reuters) – The Russian ruble strengthened on Friday, trading in a narrow range between $60 and $61 as it has for much of the week, supported by exporters buying rubles to cover tax payments at the end of the month.

At 0710 GMT, the ruble was 0.3% stronger against the dollar at 60.50 and had gained 0.5% to trade at 62.90 against the euro. It had strengthened 0.3% against the yuan to 8.43.

The ruble has been painting a similar picture of late, said Alexei Antonov of Alor Broker, rising for most of the day and giving up gains in the final two hours of trading.

“This trading pattern is likely to continue today,” Antonov said.

The ruble is supported by the tax period at the end of the month, when exporters usually convert foreign exchange earnings into rubles to pay domestic debts.

which is the global benchmark for Russia’s main export, rose 0.3% to $85.6 a barrel.

Russian stock indexes were mixed.

The RTS index in dollars rose by 0.4% to 1,150.9 points. MOEX Russia’s ruble-based index fell 0.1% to 2,209.6 points.

Market participants were rather inactive in the last session, Sinara Investment Bank said. The only “bright spot” was the dynamics of Veon securities.

Shares in the Amsterdam-listed telecommunications firm rose sharply after it announced plans to sell its Russian business, Vimpelcom, to senior Vimpelcom executives for 130 billion rubles ($2.2 billion).

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