MOSCOW: The rouble strengthened on Thursday morning after a firming of the oil price on Wednesday, following heavy falls in the Russian currency on Monday and Tuesday when crude prices tumbled.
At 0740 GMT the rouble was 1.8 percent stronger against the dollar at 62.75, and 1.6 percent stronger at 73.70 against the euro.
The rouble fell over 10 percent on Monday and Tuesday tracking tumbling prices for oil, Russia's major export. The Moscow Exchange was closed on Wednesday when international oil benchmark Brent firmed above $50 a barrel, helped by an unexpected fall in U.S. oil stocks.
Brent was down slightly on Thursday but holding just above $51 per barrel.
"USD/RUS can't find the strength to go below the 60-level, and it is all the fault of the Brent price," Forex Club analyst Alena Afanasieva said in a note.
"However... if the level of $50 a barrel turns out to be a sufficiently strong support and can lead to a strengthening of the Brent price, it's entirely possible to expect the return of the (dollar/rouble) pair below 60."
The Russian currency fell around 40 percent against the dollar last year, hurt by the falling oil price and by Western sanctions over Ukraine. It has swung wildly in recent weeks after being floated by the central bank.
Russian stocks also opened higher on Thursday, with both the rouble-based MICEX and the dollar-based RTS registering gains. At 0740 GMT MICEX was up 1.9 percent at 1,508 points and the RTS up 2.6 percent at 766.
Trading is thin in Moscow this week when Russia is mostly closed for business because New Year public holidays, but the Moscow Exchange is open for trading except on Wednesday and at the weekend.
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