The Russian ruble rose to new 2015 highs against EUR and USD on Wednesday, despite the oil price decline while Russian exporters continued to sell forex to pay monthly taxes.
At 08:00 GMT, the ruble was 0.8% stronger against USD at 57.22, and 0.6% stronger at 62.66 against EUR. The Russian currency is now trading at new 2015 highs of 56.30 against the dollar and 61.85 against the euro.
On Tuesday USDRUB dropped 2% as the exporters converted foreign currency to pay a mineral extraction tax, VAT and excise duties to be paid today.
Analysts say that in addition to the impact of monthly taxes, the ruble's recent strength may also reflect some major factors, including a drop in the size of scheduled foreign debt repayments after large repayments in February and March.
Analysts at VTB Capital said the ruble has been one of the strongest emerging market currencies this year, having fully pared first quarter losses against the dollar despite the falling oil prices, Russia’s main export. Oil is currently trading at $47.95 per barrel.
RUB lost 46% of its value against the dollar last year and increased 5.1% in the 3 months of 2015, earning the best performer 2015 title among 24 emerging-markets currencies according to Bloomberg.
MT4 GRAPH: EURRUB
MT4 GRAPH: USDRUB
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