MOSCOW, May 27 (Reuters) - The Russian rouble leapt to a more than four-month high past 89 to the dollar on Monday as the peak of a favourable month-tax period approached, with underlying support from capital controls, high interest rates and state forex sales.
By 0901 GMT, the rouble was 1.1% higher at 88.53 to the dollar, earlier reaching 88.32, its strongest point since Jan. 24.
The rouble also reached four-month highs against the euro, rising 1.2% to 96.19, and the yuan, gaining 0.9% to 12.18.
Month-end tax payments that usually see exporters convert foreign currency revenues to meet local liabilities tend to support the rouble.
But the Russian currency is likely return towards 90 to the dollar after the peak of tax payments on Tuesday, Bank St Petersburg analysts said.
Capital controls introduced by presidential decree in October 2023 require dozens of undisclosed exporting firms to deposit a high percentage of foreign currency earnings with Russian banks and then sell most of those proceeds on the domestic market. The controls were extended by a year at the end of April.
The Russian state has also sharply increased its foreign currency sales this month.
Brent crude oil, a global benchmark for Russia's main export, rose 0.3% to $82.35 a barrel.
Russian stock indexes fell. The dollar-denominated RTS index fell 0.3% to 1,185.0 points. The rouble-based MOEX Russian index lost 1.3% to 3,463.9 points.
Russia's stock market is under pressure from expectations that interest rates will remain at 16% for a long time or even that the central bank could hike rates to 17% at its next meeting on June 7, Sinara Investment Bank analysts said.
(Reporting by Alexander Marrow; Editing by Alison Williams and Andrew Heavens)
