The Russian market is also waiting for a decision by the central bank on the key rate on Friday. Analysts polled by Reuters expect the central bank to cut the rate by 25 basis points.

At 0753 GMT, the rouble was 0.23 percent weaker against the dollar at 57.01 and was trading down 0.38 percent against the euro at 70.64.

Russian markets were less turbulent on Wednesday compared with the previous day, when the spectre of rising inflation in the United States sent waves of volatility through global stock markets.

The currency hit its lowest levels in two and a half months against the euro on Tuesday, as well as a one-month low against the dollar, after Wall Street suffered its biggest decline since 2011.

The rouble was also under pressure from foreign currency purchases by the Finance Ministry, which is expected to spend 298.1 billion roubles ($5.23 billion) on the forex purchases programme between now and March 6, up from 257.1 billion between Jan. 16 and Feb 6.

But a recovery in the oil price was slightly supporting the rouble on Wednesday.

After hitting its lowest levels since Jan. 2 on Tuesday, Brent crude oil, a global benchmark for Russia's main export, began to recover on Wednesday and was up 0.78 percent at $67.38 a barrel.

Russian stock indexes were up, after falling to more than three-week lows on Tuesday on US stock market volatility.

The dollar-denominated RTS index was up 1.44 percent to 1,250.6 points.

The rouble-based MOEX Russian index was 1.09 percent higher at 2,262.7 points.