Russian ruble edges up in narrow trading range vs dollar

MOSCOW, Nov 25 (Reuters) – The Russian ruble strengthened on Friday, trading in a narrow range between 60 and 61 to the dollar as it has for much of the week, supported by exporters buying rubles to cover month-end tax payments.

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 versus the euro. It had firmed 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 last two hours of trading.

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

The ruble is supported by a month-end tax period in which exporters usually convert foreign exchange income into rubles to pay domestic liabilities.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.3% at $85.6 a barrel.

Russian stock indices were mixed.

The dollar-denominated RTS index (.IRTS) was up 0.4% to 1,150.9 points. The ruble-based MOEX Russian index (.IMOEX) was 0.1% lower at 2,209.6 points.

Market participants were fairly inactive during the previous session, said Sinara Investment Bank. The one “bright spot” was the dynamics of Veon (VON.AS) securities.

The Amsterdam-listed telecoms operator’s shares soared after it announced plans to sell its Russian business, Vimpelcom, to senior members of the Vimpelcom management team, for 130 billion rubles ($2.2 billion).

For Russian equities guide see:

For Russian treasury bonds see:

($1 = 60.5300 rubles)

Reporting by Alexander Marrow; Editing by Robert Birsel

Our Standards: The Thomson Reuters Trust Principles.

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