MOSCOW: The Russian rouble firmed against a weak US dollar on Tuesday, tracking other emerging market currencies lifted by greater risk sentiment on global markets and higher oil prices.

The rouble was 0.7% stronger against the dollar at 73.56 by 1318 GMT and had gained 0.2% to 88.23 versus the euro.

The Russian currency was buttressed by a recovery in oil prices, which erased overnight losses as investors moved into riskier assets and away from a US dollar that tumbled to multi-year lows.

"The Russian market is expected to rebound today supported by a weakening US dollar, which is providing a tailwind to both the oil price and the rouble," analysts from Alfa Bank said in a note.

Brent crude oil, a global benchmark for Russia's main export, was up 1.1% at $45.77 a barrel by 1310 GMT.

The rouble has received a significant boost from a US Federal Reserve announcement last month that the central bank would aim for 2% inflation on average instead of making it a fixed objective.

The new inflation policy will allow the Federal Reserve to keep rates steady for a long time, something seen as beneficial to risky assets.

The rouble has come under pressure recently from political risks linked to the crisis in Belarus and the suspected poisoning of Kremlin critic Alexei Navalny.

The Belarusian rouble remained under pressure at 3.16 against the euro. It firmed slightly against the dollar to 2.63, close to last week's record low of 2.6640.

Investors on Wednesday will be turning their attention to the finance ministry's auction of two series of OFZ treasury bonds maturing in 2026 and 2030.

Demand for these bonds, which has been strong among foreign investors in recent months, serves as a gauge for global market sentiment towards Russian assets.

Russian stock indexes were trading higher.

The dollar-denominated RTS index was up 1.3% at 1,274.5 points while the rouble-based MOEX Russian index gained 0.4% to 2,976.2 points.