A board displaying currency exchange rates is reflected in a shop window in central Moscow
A board displaying currency exchange rates is reflected in a shop window in central Moscow Reuters

The rouble was boosted on Tuesday as Russia's exporting firms traded in foreign currency to meet tax payments.

Russia's currency had risen by 0.8% against the dollar on Tuesday morning, reaching 46.72, and was up 0.7% to 58.35 against the euro.

After weeks of fluctuation, the rouble had stabilised somewhat on Monday after Western leaders failed to impose tougher sanctions on Moscow over the ongoing crisis in Ukraine.

However, the gains were tempered by ongoing weakness in the oil market, where Brent crude slid for the sixth time in seven days. Benchmark Brent fell to $79 a barrel on Tuesday.

Falling oil prices are one of the key factors behind the rouble's weakness this year, along with economic sanctions imposed by the United States and the European Union.

The rouble has lost around 30% of its value against the dollar this year, while oil has fallen by around 25% since the summer.

Of Russia's total export revenues in the first half of the year, around 70% of revenues came from oil exports.

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