MOSCOW: The Russian rouble rebounded on Thursday, after a weak start, as the market's focus switched away from new US sanctions against Moscow to rising oil prices.
The rouble firmed 0.7 percent to 60.18 versus the dollar as of 1327 GMT, recovering from its weakest level since July 11 of 60.85 hit earlier on Thursday.
It had fallen for five consecutive trading days through Wednesday, but recovered as the price of oil, Russia's key export, was trading above $52 a barrel and headed towards its highest level since late May.
Tensions with the United States have weighed on the rouble in recent trade as Russian Prime Minister Dmitry Medvedev said on Wednesday that new US sanctions amounted to a "full-scale trade war.
US President Donald Trump grudgingly signed the sanctions into law on Wednesday after Congress approved them last week. They target Russian energy projects and make it harder for Trump to ease earlier penalties on Moscow.
"All the current negative developments are already priced in by the rouble," said Mikhail Poddubsky, an analyst at Promsvyazbank.
S&P Global Ratings said the latest sanctions against Moscow had "no immediate implications" for Russia's sovereign credit ratings, but analysts said tension between the two countries would limit upside in Russian assets.
Russian share indexes were mixed in light trade. The dollar-denominated RTS index was up 0.6 percent at 1,027.5 points, while the rouble-based MICEX was steady at 1,964.9.
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