MOSCOW: The rouble reached its highest level against the euro since late September on Wednesday following Russia's treasury bond auctions, extending gains from the U.S. election results.

At 1315 GMT, the rouble had gained 0.3% to 90.10 versus the euro after briefly hitting 89.6350, a level it last achieved on Sept. 25.

Against the dollar, the rouble was flat at 76.56 after hitting 75.75 on Monday, its strongest level since Sept. 22.

The rouble traded at around 61 to the dollar and 70 against the euro in early-2020, before oil prices plunged and the effects of the COVID-19 pandemic were felt in Russia.

While the rouble has shaken off a risk-premium relating to the U.S. election, it lacks any impetus for further gains, given the coronavirus crisis and risks that Joe Biden could pose for Russia as president, Vladimir Evstifeev, an analyst at Zenit Bank, said of the outlook for the Russian currency.

Against this backdrop, Russia's finance ministry is selling sovereign Eurobonds denominated in euros this week, tapping the global debt market for the first time since 2019.

"The Russian Ministry of finance chose an appropriate moment for the placement of Eurobonds, in our view, given the growth in global risk appetite," BCS Brokerage said.

In the domestic market, the finance ministry sold 18.5 billion roubles ($241.77 million) worth of OFZ treasury bonds maturing in 2035, enjoying demand of 27.1 billion roubles.

In the past few weeks, the ministry borrowed a record amount at its auctions, with most demand from major Russian banks.

Brent crude oil, a benchmark for Russia's main export, was up 2.5% at $44.72 a barrel, its highest since early September, lifted by hopes for a COVID-19 vaccine and a report showing U.S. crude inventories fell more than expected.

Higher oil prices supported Russian stock indexes, with the dollar-denominated RTS index was up 0.7% to 1,241.2. The rouble-based MOEX Russian index was 0.6% higher at 3,017.3 points.