MOSCOW: The rouble stabilised below 73 to the dollar ahead of two OFZ treasury bond auctions on Wednesday, while stronger oil prices pushed Russia's benchmark MOEX stock index to a record high.

At 0723 GMT, the rouble was 0.1% stronger against the dollar at 72.86 and was steady versus the euro trading at 86.08.

The Russian currency jumped to an 11-week high versus the greenback in the previous session after data showed a weaker-than-expected rise in US inflation last month, before returning towards the 73 mark, with investors now looking ahead to the Federal Reserve's Sept. 21-22 meeting.

"The better-than-expected CPI print in the US lowers the chance that the Fed will cut its stimulus program next week, supporting the risk-trade," said BCS Global Markets.

The rouble may also see support from weekly OFZ bond auctions later in the day.

OFZs, which Russia uses to plug budget holes, have regained popularity among foreign investors as concerns about sanctions have waned and on expectations their prices could rise higher once the central bank starts cutting rates at some point next year.

Brent crude oil, a global benchmark for Russia's main export, was up 1% at $74.35 a barrel, supporting Russian stock indexes.

Russian rouble steadies near 73 vs dollar after Friday's rate raise

"Although the oil market is looking strong, we fear a downturn in the momentum of oil prices and consequently weakening support for the rouble, due to the weakness of the general market environment," Promsvyazbank analysts said in a note.

Wednesday's weaker-than-expected Chinese economic data reinforced worries about slowing global growth.

Russian stock indexes were climbing. The rouble-based MOEX Russian index was 0.2% higher at 4,062.4 points, after touching an all-time high of 4,064.11 points in early trade.

The dollar-denominated RTS index was up 0.1% to 1,756.1 points.