Rouble hits one-week high as oil prices rebound on Russian fuel export ban
Updates at 1424 GMT
By Alexander Marrow
Sept 21 (Reuters) -The Russian rouble hit a more than one-week highagainst the dollar on Thursday, helped by a temporary Russian ban on fuel exports that lifted oil prices, but the currency still struggledto pull away meaningfully fromthe 100 threshold.
Russia temporarily banned exports of gasoline and diesel on Thursday to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market.
By 1424GMT, the rouble was 0.2% stronger againstthe dollar at 96.32 RUBUTSTN=MCX, earlier hitting 95.3625, its strongest since Sept. 13. It had gained 0.8%to trade at 102.23versus the euro EURRUBTN=MCX and had firmed 0.4% againstthe yuan to 13.11CNYRUBTOM=MCX.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.7% at $94.15 a barrel.
Russian authorities are also discussing measures to buttress therouble, which tumbled to a near 17-month low of 101.75 to the dollar in August.
Interest rate hikes to 13% appearto have had a limited effect so far, but the Bank of Russia's Deputy Governor Alexei Zabotkin disputed that.
"If the rate had remained at 8.5%, then we would now be looking at a different level of the exchange rate, which would likely be well into triple digits," Interfax quoted Zabotkin as saying on Wednesday. "In that sense, from the viewpoint of the current exchange rate, the key rate has had an impact."
CAPITAL OUTFLOWS
Deputy Finance Minister Alexei Moiseev said on Wednesday a series of currency control measureswas being developed and discussed, aimed primarily at reducing capital outflows through countries that Russia considers friendly - that is, those that have not imposed sanctions over Moscow's invasion of Ukraine.
Moiseev said Russia was partly a "hostage" to its own policy of promoting the use of roubles in international settlements.
"Unfortunately, in a situation when outflow through unfriendly countries in unfriendly currencies is significantly hampered, the outflow of capital through friendly countries, and moreover in roubles... leads to (the withdrawal of capital through friendly countries)," Interfax quoted Moiseev as saying.
The government is alsomulling an extra tax on exports of some metals, fertilisers and some other commodities that could divert an additional 600 billion roubles ($6.27 billion) to Russia's budget, seven sources told Reuters.
Russian stock indexes were lower.
The dollar-denominated RTS index .IRTS was down 0.8% to 994.2 points. The rouble-based MOEX Russian index .IMOEX was 1.3%lower at 3,029.6 points.
Shares in steel pipemaker TMK TRMK.MM were around 2.4% lower after the companylaunched a secondary public offering of 1.5% of its shares.
($1 = 95.6390 roubles)
Reporting by Alexander Marrow
Editing by Gareth Jones
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