MOSCOW: The rouble firmed on Wednesday, extending its strengthening trend from the previous session, supported by central bank interventions and exporters’ foreign currency sales after Russia’s long New Year holidays.

At 0748 GMT, the rouble was 0.4% stronger against the dollar at 89.52 and had gained 0.3% to trade at 98.03 versus the euro.

It had firmed 0.4% against the yuan to 12.45.

Central bank interventions are being carried out using a slightly adjusted formula this year that should support the rouble.

From Jan. 9-12, the bank plans to sell foreign currency worth 900 million roubles ($10.1 million) per day.

“Fundamentally, the rouble is supported by the large volume of FX sales by the central bank,” Alor Broker’s Alexei Antonov said.

Rouble climbs to strongest level since late December as Russian market reopens

“In addition, exporters are starting to dump dollars and yuan accumulated over the New Year holidays.”

Since October and the rouble’s most recent slide to 100 against the dollar, a presidential decree forcing exporters to convert some foreign currency revenue has supported the Russian currency, as have elevated interest rates, which were raised to 16% last month.

“The US dollar may (today) try to go below 89 to the rouble and fix itself at this level,” said Promsvyazbank analysts, assuming that the rate could reach the 87.5-87.7 range in the coming days.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.2% at $77.73 a barrel.

Russian stock indexes were higher.

The dollar-denominated RTS index was up 0.7% to 1,114.2 points.

The rouble-based MOEX Russian index was 0.3% higher at 3,165.7 points, its strongest since late November.