MOSCOW: The Russian rouble traded stronger early on Thursday, helped by the Brent crude price rising over $50 a barrel and a slightly weaker U.S. dollar on global markets.
At 0715 GMT, the rouble was 0.4 percent stronger against the dollar at 65.22 and had gained 0.3 percent to trade at 72.87 versus the euro.
Brent, a global benchmark for Russia's main export, rose over $50 for the first time in nearly seven months.
It was up 0.6 percent at around $50.1 a barrel by 0715 GMT, boosted after U.S. government figures showed a sharper-than-expected drawdown in crude stocks last week.
"We expect that if Brent stabilises over $50 a barrel, then the rouble will overcome the psychological level of 65 to the dollar," analysts at Rosbank said in a note.
They cautioned, however, that uncertainty over how the U.S. Federal Reserve will act on monetary policy could obstruct further strengthening in the rouble.
The Russian currency is up over 2 percent against the dollar this week after rallying strongly on Wednesday as oil prices rose and risk appetite grew on international markets.
It was also supported by the end-of-month tax period during which exporters convert a portion of their foreign-currency earnings into roubles to pay taxes to the state budget.
Russian share indexes were also higher on Thursday.
The dollar-denominated RTS index was up 1.1 percent to 917 points, while the rouble-based MICEX was 0.1 percent higher at 1,900 points.
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