Early on Friday, the  Russin Rouble strengthened to a nearly four-week high against the dollar, helped by month-end tax payments that increase demand for the Russian currency. Shares in the fertiliser manufacturer Phosagro also rose after excellent earnings.

After briefly touching 57.70, the Rouble was 0.5 percent firmer against the dollar at 59.20 during morning session. This level was last reached on July 25. The Russian rouble increased by 0.9 percent to 59.65 against the euro.

The month-end tariffs that often force export-focused businesses to accelerate the conversion of their foreign currency profits to pay local duties are expected to bolster the rouble. Due to capital controls that were put in place after Russia started what it refers to as "a special military operation" in Ukraine on February 24, the Rouble has been the world's best-performing currency for the year.

After erratic swings that saw the Rouble approach a historic low of 121.53 to the dollar on the Moscow Exchange in March before surging to a seven-year high of 50.01 in June, the rouble's volatility has calmed. The dollar-denominated RTS index fell 0.2 percent to 1,159.4 points on the stock market. The MOEX Russian index, which is based on the rouble, fell 0.4 percent to 2,186.7 points.

The day after Phosagro announced late on Thursday that its net profit increased by 165 percent in the first half of 2022 and that its board recommended paying dividends of 780 roubles (USD 13.18) per share, the company's shares beat the market and increased 4.4 percent. 

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