MOSCOW: The Russian rouble edged down against the dollar early on Wednesday, hit by weak oil prices fluctuating near their three-week lows.
At 0743 GMT, the rouble was 0.15 percent weaker against the dollar at 56.6 and had gained 0.1 percent to trade at 63.7 versus the euro.
Oil prices dipped as fuel markets remained oversupplied, although tension in the Middle East over the Qatar diplomatic row and falling US inventories lent some support.
Brent crude oil, a global benchmark for Russia's main export, was down 0.72 percent at $49.76 per barrel.
The market is also watching an election in Britain, a European Central Bank meeting, and testimony at a Senate Intelligence Committee hearing by James Comey, the former FBI chief fired by US President Donald Trump.
Russian markets are awaiting the central bank's decision on its key rate at a board meeting on June 16. Chairwoman Elvira Nabiullina said this week the key rate could be trimmed by 0.25 to 0.50 percentage points from the current 9.25 percent.
Central Bank First Deputy Chairwoman Ksenia Yudayeva also said on Tuesday that the bank could raise its 2017 GDP growth forecast, while annual inflation could fall even below the central bank's target of 4 percent later this year.
"All of this bodes well for the Russian investment case," analysts at Alfa Bank said in a note.
Russian share indexes were up.
The dollar-denominated RTS index was up 0.1 percent at 1,042 points, while the rouble-based MICEX was 0.21 percent higher at 1,874 points.
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