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By
0923 GMT, the rouble was 1% stronger against the dollar at 78.44
, its strongest mark since April 3.
It gained 1.1% to trade at 86.74 versus the euro and was 1.1%
firmer against the yuan at 11.33 <CNYRUBTOM=MCX>, also its
strongest since early April against both currencies.
The rouble strengthened sharply after the central bank held
interest rates steady on Friday, but retained the prospect of
future hikes. The rouble has also benefited with a lag from high
oil prices throughout April, which translates to higher export
revenues for Russian exporters.
But after month-end taxes were paid on April 28, the rouble can
now count on reduced supply of foreign currency in the market.
Brent crude oil, a global benchmark for Russia's main export,
was up 1.2% at $73.19 a barrel.
The drop in oil prices to $73 from $80 per barrel will put
pressure on the rouble and may lead to another wave of
weakening, said Banki.ru chief analyst Bogdan Zvarich in a note.
"In the current situation, risks remain that the dollar-rouble
pair will return to the 80-82.5 range," Zvarich said.
Oil prices were recovering on Thursday but unable to claw back
the more-than-9% decline of the previous three days as demand
concerns in major consumers overrode signals that the U.S. may
pause its interest rate increases.
Russian stock indexes were higher, hovering not far from
near-three-week lows.
The dollar-denominated RTS index pared losses to gain 0.9% to
1,017.9 points. The rouble-based MOEX Russian index was up 0.1%
to 2,534.8 points.
Russian stocks are unlikely to see any serious buying interest
before Russia's long weekend, said Sinara Investment Bank
analysts. The country celebrates Victory Day on May 9.
Geopolitics are partly to blame for Russian stocks' recent
decline, while investors globally fear recession, hence the
sustained drop in Brent, Sinara said.
(Reporting by Alexander Marrow; Editing by Christina Fincher and
Sohini Goswami)
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