(Updates prices, adds quotes, detail)
MOSCOW Oct 3 The Russian rouble hit its highest
against the dollar this year and Moscow-listed stocks rose on
Monday as Brent crude held above $50 a barrel, supported by a
planned production cut by oil exporters' club OPEC.
At 1015 GMT, the rouble was 0.7 percent stronger against the
dollar at 62.34 and had gained 0.9 percent to
trade at 70.05 versus the euro. It earlier hit
its highest against the U.S. currency since October 2015 and its
strongest against the euro since mid-July.
Brent crude, a global benchmark for Russia's main
export, was trading at around $50.7 a barrel, up 1.1 percent on
But analysts were cautious on the chances for further gains
in crude, given the stubbornness of an existing supply glut. If
the oil rally loses steam, Russian assets could once again find
themselves under pressure.
"We retain a certain degree of scepticism with regard to the
prospects for a further strengthening of the Russian currency,"
Rosbank analysts said in a note.
"Apart from the positive dynamics of oil prices, risks from
budget problems and geopolitics rather speak in favour of a
correction in the rouble," they said.
Nordea analysts cautioned that if the rouble were to
strengthen to near 60 to the U.S. currency, Russian authorities
could take steps to prevent it gaining further.
In July a Kremlin economic aide prompted the rouble to
weaken by saying the rouble was starting to strengthen "too
Russia's dollar-denominated RTS share index rose 1.3
percent to 1,004 points, while the rouble-based MICEX was
0.4 percent higher at 1,985 points.
Shares in Bashneft and Rosneft jumped
5.7 percent and 1.6 percent, respectively, after the Russian
government decided on Friday to reopen the privatisation of
Bashneft and to allow Rosneft to bid.
For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=
For Russian equities guide see
For Russian treasury bonds see
Russia in graphics: link.reuters.com/dun63s
(Reporting by Vladimir Abramov, Maria Kiselyova and Alexander
Winning; Writing by Alexander Winning; Editing by Mark