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MOSCOW: The Russian rouble strengthened to a two-week high against the U.S. dollar on Tuesday, boosted by growing risk appetite and rising oil prices.

Tuesday's trading is likely to remain light before Russia's state holiday on Wednesday.

The rouble gained 0.4% to 64.53 versus the dollar  after briefly touching 64.47, a level last seen on May 28.

Against the euro, the rouble gained 0.4% to trade at 73.01 , its strongest since June 3.

Oil prices supported Russian assets, rising along with global financial markets and bolstered by expectations that OPEC and its allies will keep withholding supply.

Brent crude oil, a global benchmark for Russia's main export, was up 0.3% at $62.46 a barrel.

Still, Russian stock indexes inched lower after rallying the day before.

The dollar-denominated RTS index was down 0.2% to 1,332.4 points after hitting a five-year high of 1,337.63 on Monday. The rouble-based MOEX Russian index was 0.5% lower at 2,728.9 points.

The Russian stock market "is geared to advance further today, bolstered by improved sentiment towards emerging market assets and a rebound in oil prices this morning," Alfa Bank said.

Copyright Reuters, 2019