MOSCOW, Oct 31 (Reuters) - The Russian rouble strengthened to a more than eight-week high against the dollar on Tuesday, supported by high interest rates after Friday's rate increase and obligations for exporters to sell a high percentage of their foreign currency revenues.
At 0654 GMT, the rouble was 0.7% stronger against the dollar at 92.20, its strongest point since Aug. 2.
It had gained 0.8% to trade at 97.90 versus the euro and firmed 0.7% against the yuan to 12.56 .
The Bank of Russia hiked interest rates by a higher than expected 200 basis points to 15% on Friday, raising borrowing costs for the fourth meeting running in response to a weak rouble, stubborn inflation and increasing budget spending.
The rouble has also been supported by exporters' FX conversion. Month-end tax payments, which were due on Monday, usually see exporters convert foreign exchange to pay domestic liabilities.
Additionally, President Vladimir Putin's decree on mandatory FX sales came into force this month, requiring 43 groups of exporters to repatriate 80% of FX revenue and then sell 90% of that sum.
The rouble has strengthened from beyond 100 to the dollar since the decree was announced.
Brent crude oil, a global benchmark for Russia's main export, was up 0.9% at $88.21 a barrel. (Reporting by Reuters; Writing by Alexander Marrow; Editing by Robert Birsel)
