MOSCOW: The Russian rouble firmed on Tuesday, buoyed by local month-end taxes that prompt export-focused companies convert foreign currency to meet local liabilities as well as by global optimism related to COVID-19 vaccine hopes.

At 0744 GMT, the rouble was 0.4pc stronger against the dollar at 75.86, heading towards 75.5225, its November peak touched last week.

Against the euro, the rouble gained 0.3pc to 89.90, far away from levels of around 70 seen in early 2020 before oil prices plunged and the coronavirus crisis hit.

Reports that U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition boosted risk appetite, helping Brent crude oil, a global benchmark for Russia's main export, climb to its highest levels since March.

"Although COVID infections continue to surge and lockdowns widen, the bias today is to the upside," BCS Brokerage said.

The rouble can approach levels of 75 against the dollar as export-focused companies are likely to continue selling large volumes of foreign currency due to month-end taxes, Sberbank CIB said in a note.

Russian stock indexes were up, pricing in a more than 1pc advance in Brent prices to $46.55 per barrel.

The dollar-denominated RTS index rose 1.6pc to 1,276.6 points.

The rouble-based MOEX Russian index was 0.8pc higher at 3,072.5 points.

Shares in business conglomerate Sistema, which rallied recently on news that its online business OZON prepares an IPO, fell 1.9pc on the day as it said it reduces its stake in OZON after the company's listing in New York.