Russian rouble hits over two-week high vs dollar

The Russian rouble rose to a two-week high past 61 per dollar on Tuesday, clinging on to large gains made in the previous session, thanks in part to still-high oil prices.

By 1101 GMT, the rouble was 0.2% stronger against the dollar at 60.87, earlier clipping its strongest point since Oct. 21 of 60.8275.

It had gained 0.3% to trade at 60.77 versus the euro and had firmed 0.7% against the yuan to 8.36 .

"We expect the rouble to weaken in the course of trading," said Banki.ru Chief Analyst Bogdan Zvarich. "A correction on the energy market and a lower supply of foreign currency from exporters could put pressure on the rouble."

The rouble is the world's best-performing currency this year, supported by capital controls and an initial collapse in imports as a result of Western sanctions on Russia over its actions in Ukraine, and scores of foreign companies pausing operations in the country.

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Ukrainian President Volodymyr Zelenskiy said he was open to talks with Russia, days after a Washington Post report that the United States wanted Ukraine to signal its willingness for negotiations, concerned that by appearing too intransigent, Kyiv might harm its case for international support.

"Despite the denials, which are not surprising, that should provide some support to both Russian equities and the rouble over the near term," said Alfa Bank in a note.

Brent crude oil, a global benchmark for Russia's main export, was down 1% at $96.9 a barrel, though not far from the more than two-month high reached in the previous session.