XE.com - Russian rouble recovers as oil back above $85
MOSCOW, April 9 (Reuters) - The Russian ruble gains renewed on Friday, tracking oil prices higher, and can be pursued with vigor the coming fiscal period, dealers said.
At 0745 GMT, the ruble was 10 kopecks to 33.77 against the basket strong euro-dollar, closing in on top of 15 months of 33.71 reached earlier this week.
"The market is fairly soft, so if oil stays on gains nothing prevents the ruble to rise," said Mikhail Spolokhov, a broker at MDM bank.
The ruble has been under pressure on Thursday to the negative trend in oil prices and a statement of an official of the central bank than the present intervention is not a dogma, and can be changed at any time.
On Friday, the Central Bank chief Sergei Ignatiev said the current behavior of the ruble was not a concern because it has become much more flexible - in line with the long-term objective of free floating currency and inflation targeting.
Oil prices are the main driver for strengthening the ruble, Friday - Brent crude futures back above $ 85 a barrel, after two days of declines.
Given good mood on the markets, the ruble has a potential to test the latest presumed level of central bank intervention to 33.70, dealers said.
Russia's central bank moves tracks ruble within a band floating Change 5 kopecks, after 700 million limit each intervention to smoothing excessive volatility. The regulator made 26 shots of this kind since mid-February, taking the band 33.70-36.70, dealers said.
Ahead of the monthly payments, some banks may start buying rubles, while waiting for Russian exporters to convert some of their dollars or euros of revenues denominated in rubles.
The taxation period is due to start next week, but the bulk of tax payments will be held from April 20.
Versus the dollar, the Russian currency has increased by 15 kopecks to 29.30 and has changed little aginst the euro, trading around 39.25 at the MICEX Stock Exchange....
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