MOSCOW: The Russian rouble edged down from a 7-1/2 month high against the dollar on Tuesday as a boost from high oil prices and a weaker dollar was countered by the finance ministry's large-scale currency buying programme.
At 0743 GMT, the rouble was 0.19 percent weaker against the dollar at 56.43, while it gained 0.22 percent to trade at 69.05 versus the euro.
On Monday the rouble had hit a 7-1/2 month high of 56.33 against the dollar.
But the restart of the finance ministry's currency-buying programme on Monday, after a pause for the Christmas holidays, has drawn the rouble lower.
Between Jan. 15 and Feb. 6, the ministry will buy 15.1 billion roubles ($268 million) on the market, a new record and significantly higher than in the previous month, the department said.
Brent crude oil, a global benchmark for Russia's main export, continued to trade near three-year highs, supported by supply restraints coordinated by OPEC and Russia, though the price dipped 0.47 percent to trade at $69.94 a barrel.
The dollar wallowed at more than three-year lows against a basket of six major rivals.
"It is worth noting that despite the continued uncertainty around the possible introduction of stronger sanctions, market participants are looking confidently at a strengthening rouble," analysts at Rosbank, a Russian subsidiary of Societe Generale, said in a note to clients.
"The rouble has every chance of holding at 56 against the dollar...taking its lead from the stronger oil price," Rosbank said.
Russian stock indexes were also edging lower.
The dollar-denominated RTS index was down 0.23 percent to 1,261 points. The rouble-based MOEX Russian index , was 0.1 percent lower at 2,260 points.
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