The Russian rouble firmed slightly on Thursday, hovering near 90 against the U.S. dollar, but was unable to latch on to higher oil prices and exporters' preparations for month-end tax payments to record any significant gain.
At 0724 GMT, the rouble was 0.2% stronger against the dollar at 89.99 and had lost 0.2% to trade at 100.08 versus the euro. It had shed 0.1% against the yuan to 12.60.
The rouble is trying to move past 90 against the dollar, said Alor Broker's Alexei Antonov, and if it breaks through, strengthening may accelerate.
The rouble has been weakening this year as exports fall and imports recover, but it hit a more than 15-month low in early July as pressure increased sharply following an abortive armed mutiny by the Wagner mercenary group in late June.
Last week's larger-than-expected, 100-basis-point interest rate hike by the Bank of Russia to 8.5% had limited immediate impact on the currency, but higher rates should lend the rouble support as they make investment in Russian assets more attractive.
Taxes due on July 28, where exporters usually convert foreign currency revenue to meet local liabilities, could buttress the rouble.
Brent crude oil, a global benchmark for Russia's main export, was up 0.9% at $83.63 a barrel, nearing a more than three-month high and supporting Russian stock indexes.
The rouble-based MOEX Russian index was 0.4% higher at 2,982.7 points, earlier touching its strongest mark since before Russia invaded Ukraine in February 2022.
Some large companies announcing the resumption of dividend payments in June and July has supported the index, but it remains well below the record highs above 4,000 points hit in late 2021, stung by geopolitics.
Companies reporting first-half earnings are also supporting the index. VTB Bank shares were 1.5% higher after the lender raised lending forecasts and said it was on track for record profit this year.
The dollar-denominated RTS index was up 0.5% at 1,044.2 points, hitting its highest in over a month.
