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By
1121 GMT, the rouble was 2.5% stronger against the dollar at
57.95 , earlier clipping its strongest point since May 25 of
57.4075.
It had gained 3.4% to trade at 61.42 versus the euro <EURRUBTN=MCX>,
a two-week high.
The rouble has become the world's best-performing currency this
year as it has been steered by capital controls for more than
three months since Moscow sent tens of thousands of troops into
Ukraine on Feb. 24.
Brent crude oil, a global benchmark for Russia's main export,
was up 0.1% at $123.7 a barrel, after surging higher in the
previous session.
Rising oil prices are pulling the rouble higher, said SberCIB
Investment Research in a note.
The rouble showed little reaction to Russia's decision to relax
some capital controls this week, including an increased ceiling
for cross-border transactions for individuals and the move to
allow export-focused companies to transfer forex to their
overseas accounts under certain conditions.
The central bank is now in focus as it will hold a rate-setting
meeting on Friday. A rate cut could put some downside pressure
on the rouble and support prices of OFZ treasury bonds.
A majority of analysts polled by Reuters expect a
100-basis-point rate cut to 10% as the bank tries to make
lending more affordable amid sluggish consumer demand and a
pause in inflation.
But a sharper cut to 9% was also possible as economic prospects
and inflation easing give the central bank more room to
manoeuvre, BCS Global Markets said.
Consumer inflation in Russia slowed to 17.10% in year-on-year
terms in May from 17.83% in April, which was its highest level
since January 2002, data showed on Wednesday.
Russian stock indexes were mixed.
The dollar-denominated RTS index gained 0.9% to 1,242.2 points.
The rouble-based MOEX Russian index shed 1.4% to 2,285.9 points.
($1 = 59.2000 roubles)
(Reporting by ReutersEditing by Mark Heinrich)
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