(Reuters) -The Russian rouble strengthened on Monday, firming past 77 against the euro to a near two-year high, helped by tax payments that companies are due to make this week and as the market looked ahead to a central bank rate decision on Friday.
By 2:53 p.m. GMT, the rouble had gained 3.6 percent to trade at 77.25 versus the euro, earlier clipping 76.96, its strongest mark since June 2020.
The rouble was 3 percent stronger against the dollar at 73.17, hovering around levels seen before Feb. 24, when Russia sent tens of thousands of troops to Ukraine.
Trading activity remains subdued compared with levels seen before Feb. 24. Movements in the rouble are artificially limited by capital controls imposed by the central bank because it lost the ability to support the rouble through FX interventions after Western sanctions froze nearly half of the country’s reserves.
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