The rouble closed at 37.03 RUSMCX, aided by adeadline or company tax payments, which are paid in roubles. "The stated alue is de ined taking into account theremaining risks o worsening terms o trade or the Russian ederation," the central bank said in a statement. "But the Bank o Russia sees these risks as moderate anddoes not plan to change this boundary in the coming months." The bank still has an arsenal o around $400 billion incurrency reser es to back up the range and the rouble hasalready shown signs o resilience, accompanied by o icialsignals that the depreciation could be nearing an end. On Tuesday the currency posted its biggest e er rally ersusthe basket, and has held irm since then despite the centralbank announcing urther corridor widenings on Wednesday andThursday "It is a sensible mo e.
They had been ery keen to a oid asudden de aluation or political reasons so we ha e thisinstead," said Nigel Rendell, emerging oreign exchangestrategist at Royal Bank o Canadain London. But thelonger-term trend is clearly down unless we get some kind o in ersion in the oil price." Central bank chie Sergey Ignatye told a press con erencethat the regulator would continue to smooth out the rouble'spath, inter ening both at the boundaries and in between, and thedecision took into account risks o speculati e attack. WATCHING OIL The stabilisation o the rouble came as Russian companies aced hea y demand or cash this week to meet domestic taxpayments, and some analysts were sceptical that the upbeat moodon the currency would last. "This is likely just to build in expectations o more tocome, and yet more capital light.
It probably buys the centralbank some time, but that's about it," said Timothy Ash, analystat RBS in London. The central bank has argued that the so tly-so tly approachto de aluation has a oided the sort o panic rush to changesa ings into dollars that ollowed the rouble's slide in 1998. Re ised economy ministry orecasts obtained by Reutersshowed gross domestic product will all 0.2 percent this year. But somesay e en the $41 oil assumption based on current prices o Russia's Urals export blend is optimistic. Ignatye said changes in the oil price could prompt arethink on the rouble boundaries. "I the oil price alls to $30per barrel and stays there, it is possible but not necessarythat we will ha e to adjust the (upper) boundary," he said. A cheaper rouble makes li e easier or Russia's commodityexporters who ha e a rouble cost base but dollar earnings.