MOSCOW: The rouble firmed past 74 against the dollar on Tuesday, heading away from a near two-week low hit in the previous session amid a rise in global risk aversion over the Omicron COVID-19 variant, while stock indexes inched higher helped by higher oil prices.

By 0713 GMT, the rouble had gained 0.4% to 73.88 against the dollar after hitting 74.50 on Monday, its weakest level since Dec. 7.

The rouble is likely to remain within a range of 73.5-74.5 against the greenback in the short term, leading towards the lower boundary if concerns about Omicron do not intensify, Promsvyazbank said in a note.

Against the euro, the rouble added 0.2% to 83.32 .

The rouble remains supported by Russia's record strong current account surplus and a series of rate hikes by the Bank of Russia that make investments into rouble assets more appealing.

The central bank last raised the key rate to 8.5% on Dec. 17 and indicated it was ready to increase the cost of lending further.

But concerns about Moscow's soured ties with the West and usual investor intention to cut exposure to risky assets ahead of Christmas and New year holidays prevent the rouble from firming further.

The West is concerned about Russia's military build-up near its border with Ukraine, while Moscow has dismissed such concerns saying it has the right to move its troops within Russian territory as it deems necessary.

President Vladimir Putin is expected to shed light on Russia's foreign affairs among other issues at his annual media conference on Thursday.

Brent crude oil, a global benchmark for Russia's main export, was up 1% at $72.28 a barrel, recovering from losses stoked by investors' fears about the rapid spread of the Omicron coronavirus variant globally.

Russian stock indexes were up.

The dollar-denominated RTS index rose 1.6% to 1,583.6. The rouble-based MOEX Russian index was 1.2% higher at 3,712.7 points.