Aug 23, 2022 04:25AM ET
By: AnalysisWatch
The Russian ruble strengthened slightly Tuesday after initially falling above 60 rubles against the dollar, while shares in leading Internet company Yandex gained after the company announced it was selling some assets to state-controlled rival VK.
At 0810 GMT, the ruble was 0.1% stronger against the dollar at 59.80 after hitting 60.41 and moving away from the nearly four-week high of 57.70 it reached on Friday.
Against the euro, the ruble gained 0.1% to 59.40 as the European currency fell to a fresh two-decade low against the greenback.
Alfa Bank said in a statement that the ruble may gain in value as the end of the month approaches.
Month-end tax payments typically prompt export-oriented companies to convert their revenues in foreign currencies to meet local obligations.
As a result, the ruble has become the world's best-behaved currency as a result of capital controls that Russia has put in place to reduce risks to financial stability.
The ruble's volatility subsided after it hit a record low of 121.53 per dollar on the Moscow exchange in March, shortly after Moscow sent tens of thousands of troops to Ukraine on Feb. 24. The exchange rate then rose to a seven-year high of 50.01 in June.