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Because of rising oil prices, Russia's Ministry of finance is expected to increase foreign exchange purchases in April.
The median estimate of 12 analysts surveyed by Reuters shows that the Russian Treasury will buy foreign currency equivalent to 233 billion 500 million rubles (US $4 billion 60 million) between April 6th and May 8th, more than 192 billion 500 million rubles in March.
Analysts predict that the Russian Ministry of finance will buy an average of 11 billion 100 million roubles per day during this period.
Stanislav Murashov, an analyst at Raiffeisenbank, said the reason for increasing foreign exchange purchases was that the average price of Russia's Ural crude oil (Urals) last month was $64 a barrel, up from $63.3 in February.
"This is also a positive seasonal factor; in the same case in other cases, the oil and gas budget revenue in April is usually slightly higher than in March," the analyst said.
Ural crude oil delivered $67.70 a barrel on Monday.
Russia's Ministry of finance will announce its foreign exchange intervention plan in April 4th. The Ministry started buying foreign exchange at the beginning of last year to enhance its reserves.

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