Russian ruble depreciates after the end of the tax repayment period

The Russian ruble fell on Wednesday, March 1, as it lost the support it received from a period to pay taxes, and the Russian currency is still under pressure due to Western restrictions on Moscow’s energy exports, which reduces its foreign exchange earnings.

At 07:12 GMT, the ruble fell 0.3% against the dollar to 75.20, and lost 0.5% against the euro to trade at 79.82. It also lost 0.8% against the yuan, to record 10.86.

The ruble has now lost the boost it received from tax payments due at the end of February as exporters have mostly shifted their foreign currency earnings, increasing demand for the ruble.

And BCS World of Investments said in a note that Russian oil companies should take advantage of the opportunity for the gradual decline in the value of the ruble, which hit its highest level in seven years last summer, as they pay taxes and fees based on the price of the dollar, and yet operating costs Determined largely in rubles.