Russian rouble strengthens on forex sales by exporting companies
MOSCOW, Aug 26 (Reuters) -The Russian rouble strengthened against the U.S. dollar and the Chinese yuan on Monday thanks to support from foreign currency sales by exporting companies that convert their earnings into roubles to pay domestic taxes at the end of the month.
At 0730 GMT, the rouble RUB= was 0.1% stronger at 91.45 to the dollar, according to LSEG data. The rouble fell as much as 9% against the dollar in August after Ukraine's surprise attack on Russia's Kursk region, before stabilising around current levels.
Trading in major currencies in Russia shifted to the over-the-counter (OTC) market, obscuring price data, after Western sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre, were introduced on June 12.
According to an analysis of the OTC market, the rouble strengthened by 1.2% to 11.73 against the Chinese yuan, which has become the most traded foreign currency in Moscow.
The rouble has gained almost 4% against the yuan since Aug. 20 and was at its strongest since July 26 amid yuan sales by exporting companies.
As well as foreign currency sales by exporters, the rouble is benefiting from high interest rates after the central bank increased its benchmark rate to 18% in July.
One-day rouble-dollar futures, which trade on the Moscow Exchange and are a guide for OTC market rates, were up 0.2% at 89.66.
The central bank's official exchange rate, which it calculates using OTC data, was set at 91.60 to the dollar.
The rouble was flat at 102.39 against the euro EURRUB=, according to LSEG data.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.9% at $79.71 a barrel on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies.
Reporting by Gleb Bryanski
Editing by Mark Potter
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