MOSCOW: The Russian rouble weakened on Tuesday, falling with the oil price, but Russian stocks gained after President Vladimir Putin announced the withdrawal of Russian forces from Syria.
At 0740 GMT, the rouble was 1.1 percent weaker against the dollar at 70.72 and had lost 1 percent to 78.49 versus the euro.
Brent crude oil, a global benchmark for Russia's main export, was down 2.2 percent at $38.7 a barrel.
Oil is retreating as concerns about global oversupply again come to the fore, reinforced by doubts about the ability of major producers to freeze output given Iran's unwillingness to cooperate.
Russian share indexes were stronger, however, reacting to Vladimir Putin's surprise announcement on Monday evening that Russian forces would begin withdrawing from Syria.
The announcement, which lifted the rouble late on Monday, was made after the stock market had closed.
On Tuesday the dollar-denominated RTS index was up 0.3 percent to 833 points, while the rouble-based MICEX was 0.3 percent higher at 1,870 points.
BCS analyst Mark Bradford said in a note that Putin's decision to with draw Russian forces was "a sensible and pragmatic step, positive for investors' attitude to risk".
"Russia is evidently trying to improve its economic condition by normalising relations with the West, which is positive," he said.
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