The Russian ruble strengthened against both the euro and the US dollar on Tuesday, trading data from the Moscow Exchange shows.
As of 10:07 GMT the Russian currency had jumped roughly 0.96% compared to the end of the previous day’s trading to 76.42 rubles against the euro, its highest in nearly 2 years, and gained around 0.92% against the greenback to trade at 72.45 per dollar, reaching a five-month high.
The rally comes as the market expects companies to make a record 3 trillion rubles ($40.25 billion) worth of tax payments due this week. Analysts say the tax boost may propel the Russian currency further, as some export-oriented firms will have to sell foreign currency to make the payments.
Market players also anticipate the decision on the key rate to be made by the Russian central bank on Friday.