MOSCOW—The ruble firmed to a near four-week high against the dollar in early trade on Friday, supported by month-end tax payments that boost demand for the Russian currency, while shares in fertilizer producer Phosagro surged after strong results.
At 0704 GMT, the ruble was 0.5 percent stronger against the dollar at 59.20 after briefly hitting 57.70, a level last seen on July 25.
Against the euro, the ruble gained 0.9 percent to 59.65.
The ruble is set to see support from month-end taxes that usually prompt export-focused companies to increase conversion of their foreign currency revenues to meet local duties.
Year-to-date, the ruble has become the world’s best-performing currency as a result of capital controls that Russia imposed after beginning what it calls “a special military operation” in Ukraine on Feb. 24.
Ruble volatility has subsided after wild swings that saw it hit a record low of 121.53 to the dollar on the Moscow Exchange in March and then rally to a seven-year peak of 50.01 in June.
On the stock market, the dollar-denominated RTS index slid 0.2 percent to 1,159.4 points. The ruble-based MOEX Russian index was 0.4 percent lower at 2,186.7 points.
Shares in Phosagro outperformed the market and climbed 4.4 percent higher on the day after the company said late on Thursday that its net profit rose by 165 percent in the first half of 2022 and its board recommended to pay 780 rubles ($13.18) per share in dividends.
($1 = 59.20 rubles)
