Russian rouble rises

The rouble firmed on Friday, consolidating a recovery from recently-hit four-year lows after a global decision to cut oil production was set to support prices, although it could also have an adverse impact on the Russian export-focused economy.

At 1118 GMT, the rouble was 0.6% stronger against the dollar at 73.87, moving away from its weakest level since early 2016 of 81.97 hit in mid-March.

The rouble is still far from levels of around 64 seen before the global sell-off triggered by the accelerating coronavirus pandemic began in February.

Versus the euro, the rouble was 0.4% firmer at 80.86.

Central Bank Governor Elvira Nabiullina is due to hold a weekly briefing at 1300 GMT on measures that Russia is taking to withstand financial shocks caused by the coronavirus outbreak, which has pushed the economy to the brink of recession.

Russian stock indexes slipped after rising on Thursday.

The dollar-denominated RTS index was down 1.7% to 1,136.3 points. The rouble-based MOEX Russian index was 1.4% lower at 2,665.1 points.

Shares in Russia's largest lender Sberbank were down 1% on the day at 201.67 roubles after the finance ministry closed a deal to purchase a controlling stake in the lender from the central bank for 2.14 trillion roubles ($28.31 billion).

The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, agreed on Thursday to cut output by 10 million barrels per day from May, roughly 10% of the world's supply before the coronavirus outbreak hit the global economy.

If fully observed by Russia, the deal could add to pressure on the country's economy, which is already being hit by a partial lockdown across the country in an effort to contain the coronavirus outbreak, potentially leaving millions of people unemployed.