MOSCOW: The Russian rouble strengthened sharply in a volatile session on Monday, recovering some ground after its largest weekly slump since early July on fears over the impact of oil and gas sanctions on Russia's export revenue.
The rouble lost about 8 per cent last week and is down over 10 per cent this month after an oil embargo and price cap came into force. The finance ministry has said the recent decline was related to recovering imports, Reuters reported.
By 0748 GMT the rouble was 2.8 per cent stronger against the dollar at 68.31 . It was up 4.4 per cent against the euro at 72.4 and firmed 2.1 per cent against the yuan to 9.71 .
Trading activity is likely to be light on Monday, Otkritie Research said in a note, with the rouble able to strengthen in the continuing month-end tax period, which usually sees Russian exporters convert forex revenue to pay local liabilities.
The rouble remains one of the world's best-performing major currencies against the dollar this year, supported by capital controls and reduced imports, but it has lost top spot to Brazil's real in the past week.
Brent crude oil climbed to a near three-week high in its final trading session before the Christmas break, last up 3.7 per cent at $84.0 a barrel.