Rouble nears one-month peak vs dollar, stocks hit record high

MOSCOW: The Russian rouble firmed on Thursday, nearing a one-month peak against the dollar, while stocks hit an all-time high after OPEC and its allies agreed to stick to existing policy.

At 0800 GMT, the rouble was up 0.2% against the dollar at 72.83, hovering close to its strongest since early August of 72.80 that was touched on Wednesday.

"The rouble can stick around near 72.80-73.00 versus the dollar before further gains," Locko Invest said in a note.

Against the euro, the rouble was flat at 86.29 .

The rouble extended earlier gains after OPEC+ agreed to continue only gradual oil output increases, despite revising its 2022 demand outlook upwards and despite U.S. pressure to raise production more quickly.

The Russian currency could also receive support from higher interest rates at home.

Russian rouble weakens as oil prices edge lower

The central bank remains in focus after annual inflation hit a fresh five-year high, days before the next board meeting where the bank is widely expected to raise rates for the fifth time so far this year.

Alexei Zabotkin, the central bank deputy governor, will shed more light on Russia's monetary policy outlook at a media briefing at 1200 GMT.

Brent crude oil, a global benchmark for Russia's main export, was down 0.1% at $71.48 a barrel, which did not prevent Russian stock indexes from climbing higher.

The dollar-denominated RTS index rose 0.3% to 1,719.8 points. The rouble-based MOEX Russian index was 0.1% higher at 3,974.6 points after reaching a fresh record peak of 3,986.93.