Russian rouble hovers near 96 vs dollar
The move should lead to extra government revenues - as much as 600 billion roubles ($6.23 billion) per year, according to seven Reuters sources. It could also buttress the rouble.
MOSCOW: The rouble hovered close to 96 to the dollar on Monday, trading in a relatively narrow range and supported by high oil prices after the Russian government announced new rouble-linked export duties and temporarily banned some fuel exports last week. At 0721 GMT, the rouble was steady against the dollar at 96.24 RUBUTSTN=MCX and had gained 0.1% to trade at 102.52 versus the euro EURRUBTN=MCX. It was unchanged against the yuan at 13.15 CNYRUBTOM=MCX.
On Thursday, Russia's government said a new set of export duties linked to the rouble-dollar exchange rate would be introduced on Oct. 1 and last until the end of next year. The move should lead to extra government revenues - as much as 600 billion roubles ($6.23 billion) per year, according to seven Reuters sources. It could also buttress the rouble.
The government said the duty would not apply if the rouble strengthened beyond 80 to the dollar. Otherwise it would range from 4% to 7%, reaching its maximum if the rouble was weaker than 95 per dollar. Also on Thursday, Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.5% at $93.75 a barrel. The rouble should be supported by month-end tax payments this week, but now in the absence of hefty sales of foreign currency sales by the central bank, the currency is likely to start weakening, said Alexei Antonov of Alor Broker.
"Most likely, the monetary authorities will take additional measures to prevent the rouble from falling," Antonov said. Russian stock indexes were lower.
The dollar-denominated RTS index was down 0.7% to 993.3 points. The rouble-based MOEX Russian index was 0.4% lower at 3,036.4 points. ($1 = 96.2825 roubles)