(Reuters) – On Friday the Russian rouble topped 74 against the dollar in Moscow, thanks to large companies which are preparing to pay substantial amounts in taxes. Meanwhile, stocks indexes climbed.

The rouble had gained 1.4% against the dollar to trade at 73.958 GMT at 0729 GMT.

After Russia launched what it called “a special military operations” in Ukraine, on February 24, the rouble fully recovered its losses.

After Russia implemented capital controls, moves in Russia’s once-free-floating currency are now somewhat artificial. Interbank trading was less favorable for the ruble. There were banks offering to purchase dollars at 78.61 Rubels, and then selling them at 79.25.

Elvira Nabiullina (Central Bank Governor) stated that Russia had been looking to adjust its foreign exchange control to eliminate situations in which the ruble exchange rate differs from official levels on shadow markets.

Nabiullina, who will be starting her five-year tenure as the head of monetary policy for Russia, will need to confront a severe economic crisis and deal with unprecedented uncertainty resulting from Western sanctions.

According to Reuters analysts, the rouble has a record $3 trillion roubles (or $39.22 billion), which companies will have to pay this month in taxes. Export-oriented companies may need to trade foreign currency in order to pay the taxes.

As a result, the market is in an unbalanced state. Trading volumes and demand from foreign currency importers are still low.

Russian stock indexes are up, but lack momentum and new trading strategies.

Dollar-denominated RTS was 1.1% more at 972.3 point. MOEX Russian’s rouble-based index rose 0.5%, to 2,281.2.

For Russian equities guide see

Russian Treasury Bonds

($1 = 76.5000 roubles)