MOSCOW: The Russian rouble opened more than 1 percent higher against the dollar and the euro on Tuesday hopes that a meeting between officials from top crude producing countries would agree on an output cut to push prices higher.
At 0735 GMT, the rouble was 1.1 percent stronger against both the dollar and the euro, trading at 76.09 and 84.90 respectively.
Oil ministers from Russia, Saudi Arabia, Venezeula and Qatar are meeting on Tuesday behind closed doors to discuss the current oil market situation.
"The agenda has not been disclosed but market participants believe that coordinated restrictions of oil supplies in order to support energy prices can be considered at the meeting," Anton Startsev, an analyst at Olma investment house, wrote in a note.
Brent crude oil, a global benchmark for Russia's main export, was up 5.6 percent at $35.3 a barrel.
Russian shares also rose, with the dollar-denominated RTS index up 2.4 percent at 724 points and the rouble-based MICEX up 0.6 percent at 1,750 points.
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