Earlier on Friday, the ruble reached its highest level in nearly four weeks against the dollar. While the shares of fertilizer producer Phosagro jumped after good results, the ruble is supported by tax payments at the end of the month stimulating demand for the Russian currency.

The ruble won 0.9% to 59.65 against the euro. Indeed, it was up 0.5% against the dollar at 59.20 after briefly reaching 57.70 on 25 July. Also, the ruble should be supported by month-end taxes generally encourage export-based businesses to increase the conversion of their income into foreign currencies to meet local duties.

For its part, the South African rand was weaker in Friday morning trading, pulled down by a stronger dollar while Fed Reserve officials Rales continued to talk about the need for further interest rate hikes. At 0620 GMT, the rand was trading at 16,9200 against the dollar, down more than 0.2% from its previous close.