MOSCOW: The rouble firmed on Tuesday, recovering slightly after a massive sell-off in the previous session that saw the currency plunge to a more than 14-month low, with Russian assets highly sensitive to tensions between Moscow and the West over Ukraine.

Volatility has plagued Russian markets in recent weeks amid Western fears Russia is poised to invade its neighbour, something Moscow has repeatedly denied. The West has threatened sanctions with profound economic effects if Russia does make an incursion.

At 0700 GMT, the rouble was 0.6% stronger against the dollar at 78.32. On Monday it weakened to 79.50, the rouble's weakest point since Nov. 3, 2020.

Russian stocks, ruble fall as Ukraine crisis simmers

The rouble may try and stay below 79 versus the greenback provided there are no news shocks, Promsvyazbank analysts said in a note, with investors also eyeing a two-day US Federal Reserve policy meeting for any hints on the timing and pace of rate hikes.

Versus the euro, the rouble had gained 0.8% to trade at 88.51, recovering from its weakest since July 2021, hit on Monday.

The currency benefited briefly from Russia's central bank saying it would stop foreign currency purchases on Monday before losses resumed.

Under a fiscal rule adopted in 2017 to strengthen the National Wealth Fund, Russia buys foreign currency when oil prices are high and sells when prices go below $44 per barrel, shielding the rouble from oil price swings.

Brent crude oil, a global benchmark for Russia's main export, was up 1.1% at $87.18 a barrel.

Russian stock indexes were recovering after sinking to their lowest since late 2020 in the previous session.

The dollar-denominated RTS index was up 3.7% to 1,335.2 points. The rouble-based MOEX Russian index was 2.3% higher at 3,309.7 points.