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Ruble Extends Longest Winning Streak in 2 Months on Tax Payouts

November 26, 2012

The ruble rose for a sixth day against the dollar, the longest rally since September, as companies bought the Russian currency to pay taxes.

The ruble appreciated less than 0.1 percent to 31.0350, the strongest level in more than a month, at the close in Moscow. The currency added 2.1 percent last week, the strongest weekly gain since Sept. 16. It was 0.1 percent down against the central bank’s euro-dollar target basket and fell 0.2 percent against the euro at 40.24.

Companies need about 450 billion rubles ($14.5 billion) to pay mineral extraction, excise and profit taxes this week, according to ING Groep NV. Euro-area finance ministers are meeting in Brussels today on an updated Greek aid package.

“We saw strong support from state banks and exporters at the height of the taxation period,” Igor Akinshin, trader at Moscow-based Alfa Bank, said by phone. “Everybody is now waiting for a decision on Greece.”

Non-deliverable forwards showed the ruble at 31.4902 per dollar in three months compared with 31.4635 on Nov. 23.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries rose two basis points to 194, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields rose four basis points to 6.7160 percent.

To contact the reporter on this story: Lyubov Pronina in London at

To contact the editor responsible for this story: Gavin Serkin at

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