BLBG:Ruble Strengthens for Sixth Day Versus Dollar on Tax Payments
The ruble appreciated for a sixth day against the dollar amid speculation companies are converting revenue into the Russian currency to pay taxes.
The ruble gained 0.2 percent to 29.16 per dollar as of 10:06 a.m. in Moscow, heading for the longest winning streak since Feb. 9. The Russian currency was little changed at 38.5975 per euro and 33.4073 against the central bank’s target dollar- euro basket.
Russian companies may be selling $3 billion to $4 billion against the ruble this week to meet tax requirements, Dmitry Sinitsyn, head of foreign exchange in Moscow at Credit Suisse Group AG, said by e-mail yesterday. Exporters convert revenue from abroad into rubles to pay the government in the second half of every month, boosting the Russian currency.
Crude futures lost 0.6 percent to $107.46 a barrel in New York before a U.S. report tomorrow that may show the country’s stockpiles rose to the highest level in six weeks last week, according to a Bloomberg News survey. Saudi Arabia’s cabinet will work with consumers and producers of the commodity to restore “fair” prices, according to the state news agency, spurring speculation the world’s biggest crude exporter may boost output.
To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
