Rouble steadies after touching lowest since March 21 vs dollar

MOSCOW: The Russian rouble steadied after touching its lowest mark since March 21 against the dollar on Thursday, having now lost the support of a favourable month-end tax period and as oil prices threatened to dip lower once more. At 0721 GMT, the rouble was unchanged against the dollar at 77.15, earlier hitting 77.31, its weakest mark in over a week. It had gained 0.1% to trade at 83.68 versus the euro. It was steady against the yuan at 11.20 .

Month-end taxes, which usually see exporters convert foreign exchange revenues into roubles to pay local liabilities, were due on Tuesday. With the end of the tax period, it is likely that the rouble will attempt to renew the 11-month low of 77.7575, hit earlier in March, said Veles Capital in a note.

Russian President Vladimir Putin on Wednesday pointed to record low unemployment and marginally higher real wages as evidence of a gradual economic recovery, although data showed that consumer demand and industrial output dropped in February. Brent crude oil, a global benchmark for Russia's main export, was up 0.2% at $78.4 a barrel, but down from the previous session's highs near $80.

Russian stock indexes were lower. The dollar-denominated RTS index was down 0.1% to 1,003.8 points. The rouble-based MOEX Russian index was 0.1% lower at 2,458.9 points.