The rouble hit a fresh nine-month peak against the dollar on Thursday as oil rose to its highest level since September 2008, potentially boosting revenue for the world's biggest crude producer. The Russian currency closed 8 kopecks firmer at 29.38 per dollar, having earlier hit 29.27 - its strongest since May 2010. Versus the euro, the rouble appreciated 51 kopecks, or 1.3 percent - its biggest one-day gain in nearly nine months - to hit a two-week peak of 40.16.
The move came as Brent crude prices rose 0.7 percent to top $103 after violent clashes in Egypt raised concern about supply disruptions and unrest across the Middle East. Analysts said an outflow of capital in January, which had balanced the effect of high oil prices, appeared to have subsided. Exporters also appeared to have stepped up rouble purchases, they said.
"It seems that the market has returned to its normal state for such a high oil price," said Anton Nikitin, an analyst at Renaissance Capital. "Exporters have come back to life, money from non-residents has begun to flow and the seasonal outflow of capital, traditional for January, has ended."
The rouble's seven day correlation with Brent was at its strongest since mid-January, according to Reuters data, with higher oil prices pushing up the Russian unit versus the dollar with a 63 percent probability. Versus the euro-dollar basket, used by the central bank to monitor the exchange rate, the rouble gained 27 kopecks to 34.22 - its strongest since August 2010.
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