MOSCOW: The rouble strengthened on Thursday as OPEC met to discuss whether it would cut output to boost flagging oil prices.
At 1335 GMT, the rouble was up around 1 percent against the dollar at 46.89 and 1.1 percent stronger against the euro at 58.53, after opening weaker against both.
The rouble shrugged off declines in Brent crude, which touched a four-year low around $76 a barrel on expectations the Organization of Petroleum Exporting Countries would not agree to cut production when it met in Vienna on Thursday.
Oil and gas account for around two-thirds of Russian exports, making the rouble and other Russian assets sensitive to changes in the oil price.
Trading was thin, so even small purchases of foreign currency could move the market.
"Some of those who drove foreign currency higher yesterday and this morning have closed their long positions, since there still is a possibility that OPEC could do something to support oil, which would straight away boost the rouble," said Andrei Mishko, a forex trader at National Standard bank.
Another Moscow-based forex trader said the rouble's recovery was driven by one order that caused prices for foreign currency to crash.
The dollar-denominated RTS stock index, which is helped by a stronger rouble, was up 1 percent at 1,037 points. The rouble-based MICEX index was up 0.6 percent at 1,546 points.
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