MOSCOW: The Russian rouble firmed slightly on Friday and stocks climbed higher with an eye on geopolitical developments as President Vladimir Putin is set to meet Chinese leader Xi Jinping later in the day at the opening of the Beijing Winter Olympics.

At 0705 GMT, the rouble was 0.3% stronger against the dollar at 76.20, further moving away from a near 15-month low of 80.4125 it hit last week.

"The 76-77 range looks balanced for now and could remain in place for the dollar-rouble pair today," Promsvyazbank said in a note.

Versus the euro, the rouble was flat at 87.30.

Russian rouble near 2-week high vs dollar, with focus on Ukraine

Putin and Xi are in focus as they may seek to deepen trade ties in energy and other areas at a time when Russia is at loggerheads with the West over Ukraine.

The threat of war between Russia and neighbouring Ukraine is the biggest risk for insurers offering coverage during the Olympics as an outbreak of hostilities could force team withdrawals or appearance cancellations, sources say.

Western leaders are continuing talks with Russia amid concerns that it is planning to invade Ukraine, something Russia has repeatedly denied.

French President Emmanuel Macron will travel to Russia for talks on Feb. 7, while German chancellor Olaf Sholz said this week he was planning to meet Putin in Moscow soon.

Brent crude oil, a global benchmark for Russia's main export, was up 0.3% at $91.33 a barrel, hovering near its highest since October 2014 and supporting Russian stock indexes.

The dollar-denominated RTS index rose 0.8% to 1,443.7 points. The rouble-based MOEX Russian index was 0.7% higher at 3,495.0 points.