According to Reuters article published on February 17, 2023, the Russian rouble gained more than 1% against the dollar on Friday after earlier sliding to a near 10-month low past 75, ending a steady weakening trend sparked by embargoes on Russian oil products and heightened demand for foreign currency.
By 1328 GMT, the rouble was 1.2% stronger against the dollar at 74.00 , pulling away from 75.30, its weakest since April 25, which it hit in early trade.
It gained 1.6% to trade at 78.71 versus the euro and firmed 1.1% against the yuan to 10.75.
After weakening gradually for more than a month, the rouble should begin to be in greater demand before month-end taxes are due in a single payment on Feb. 28, when exporters typically convert their foreign currency revenues.
"Geopolitics and falling budget revenues still play against the rouble, but an upward correction in the absence of significant negative drivers cannot be ruled out," said Veles Capital analysts in a note.
The Russian currency could face more pressure next week. EU leaders are discussing a new batch of sanctions against Russia over its actions in Ukraine, with politicians, military leaders and Russian banks expected to be targeted.
Russia's finance ministry on Friday said it was sticking with plans to post a budget deficit of no more than 2% of gross domestic product (GDP) in 2023, despite high levels of spending and slumping energy revenues contributing to a huge shortfall in January.
Brent crude oil , a global benchmark for Russia's main export, was down 3% at $82.6 a barrel.
Russian stock indexes were higher, but well below their levels at the start of the week, pushed down by the prospect of a 300 billion rouble one-off tax on big business.
Sinara Investment Bank analysts said buyers were unlikely to show much interest before President Vladimir Putin's annual showcase address to parliament, scheduled for Feb. 21.
The dollar-denominated RTS index (.IRTS) was up 1.7% to 922.5 points, pulling clear of a 10-month low hit at the market opening. The rouble-based MOEX Russian index (.IMOEX) was 0.6% higher at 2,167.2 points.
