MOSCOW: The Russian rouble weakened in light trade on Monday after the finance ministry said it would increase daily purchases of foreign currency in the coming month, while stock indexes were slightly higher.

At 1432 GMT, the rouble was 0.4% weaker against the dollar at 73.51 and shed 0.3% to 87.19 versus the euro .

Trading activity was subdued because of a public holiday in the United States.

"We believe that - absent a serious correction in the global stock markets and the oil market, as well as in the current geopolitical environment - the rouble will remain stable in the current range of 72-74 versus the dollar," BCS Brokerage said.

The rouble is set to face more downside pressure from the finance ministry that will increase its daily buying of foreign currency for state coffers in July.

But the Russian currency is likely to see support from the central bank that is widely expected to raise rates again this month, from 5.5%, to rein in inflation.

The need to raise interest rates together with an abrupt surge in COVID-19 cases pose challenges for further economic recovery in Russia.

"This week's key event is the publication of the Fed's Minutes on Wednesday. Also on the radars is the publication of Russian CPI for June on the same day," VTB Capital said in a note.

Brent crude oil, a global benchmark for Russia's main export, was down 0.2% at $76.01 a barrel after posting gains driven by a disagreement inside OPEC+ about output policy that led to a third day of talks to try to break an impasse among producers in the group.

Russian stock lacked momentum.

The dollar-denominated RTS index was up 0.07% to 1,660.8 points. The rouble-based MOEX Russian index was 0.3% higher at 3,875.8 points.

Shares in Russian sparkling wine maker Abrau-Durso outperformed the market by gaining 4.3% on the day after new legislation forced foreign champagne producers to add a "sparkling wine" reference to the back of their bottles.