Russian rouble climbs to over 3-1/2 month high

The Russian rouble hit its highest level since late July on Wednesday, boosted by the continued supply of foreign currency by exporters, high interest rates and rising oil prices. The rouble has been buoyed lately by a presidential decree requiring some exporters to convert a significant portion of FX revenue. The Russian currency has strengthened from beyond 100 to the dollar since that decree was announced last month.

The Russian rouble hit its highest level since late July on Wednesday, boosted by the continued supply of foreign currency by exporters, high interest rates and rising oil prices. At 0615 GMT, the rouble firmed 0.4% against the dollar to 90.24, its strongest point since July 27.

It had gained 0.1% to trade at 98.08 versus the euro and firmed 0.2% against the yuan to 12.44 . The rouble has been buoyed lately by a presidential decree requiring some exporters to convert a significant portion of FX revenue.

The Russian currency has strengthened from beyond 100 to the dollar since that decree was announced last month. The central bank's bigger than expected interest rate increase to 15% in late October has also helped. Brent crude oil, a global benchmark for Russia's main export, was up 0.5% at $82.87 a barrel.

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