The Russian rouble firmed on Monday, pricing in higher oil prices and local tax payments, while stocks hit fresh record high. At 0737 GMT, the rouble was 0.2% stronger against the dollar at 61,44 and had gained 0.10% to trade at 68.18 versus the euro.

The rouble is expected to gain support from month-end tax payments that usually prompt export-focused companies to convert part of their foreign currency revenues to meet local liabilities. The rouble's upside, however, is limited by higher state FX purchases that the central bank carries out on behalf of the finance ministry.

This week, the market is waiting to see which ministers will keep their jobs in a new government after the unexpected appointment of Mikhail Mishustin as Russia's new prime minister last Wednesday. Trading activity on Monday is expected to be below average as the US market is closed in observance of the Martin Luther King Day.

Brent crude oil, a global benchmark for Russia's main export, was up 1% at $65.52 a barrel, driven by reports that two large crude production bases in Libya began shutting down amid a military blockade. Boosted by higher oil prices, the rouble-based MOEX Russian index reached a record high of 3,205.64. The dollar-denominated RTS index was up 0.3% to 1,643.4 points, its highest level since April 2012.

The Russian stock market has room more gains and new record highs given that Asian markets are mostly on the rise and oil prices are climbing higher, Otkritie brokerage said in a note.