The Russian rouble was trading lower on Wednesday, pressured by geopolitics and weaker global oil prices, but the currency was still hovering around the 60 mark to the US dollar in early trading.

By 0434 GMT the rouble was 0.41% weaker against the dollar at 60.65 but was 0.08% stronger versus the euro at 62.78.

The Russian currency has advanced slightly in recent sessions and analysts said the rouble could start to test the 60 mark against the US dollar in the coming days, supported by a month-end tax period in which companies convert foreign currency earnings into roubles to cover domestic liabilities.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.50% at $93.39 a barrel.

Russian rouble reverses early losses

The United States and its NATO allies are investigating a blast that killed two people in Poland, but early information suggests it may not have been caused by a missile fired from Russia, US President Joe Biden said.

Biden spoke after global leaders gathered for the G20 meeting in Bali, Indonesia, held an emergency meeting on Wednesday after a deadly explosion in Przewodow, a village in eastern Poland near the border with Ukraine.

Ukraine and Polish authorities said the explosion, which killed two people, were caused by a Russian-made missile.

The rouble was flat against the yuan in Moscow, trading at 8.551.