Ruble Pares First August Advance in Decade as Tax Period Ends
- Promsvyazbank sees ruble weakening to 70 this year on Fed rate
- Russian companies finished paying monthly taxes on Aug. 29
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The ruble pared its first August gain in a decade as the end of the monthly tax season removed support for the exchange rate and oil fell.
The Russian currency weakened 0.6 percent to 65.1325 against the dollar by 5:33 p.m. in Moscow, the lowest level since Aug. 24. Brent crude, Russia’s key export earner, dropped 1 percent to $48.75 a barrel.