The Russian rouble opened up slightly on Monday, helped by the central bank’s key rate hike to 15% on Friday and the reintroduction of mandatory sales of foreign currency earnings earlier in October.

At 0745 GMT, the rouble was 0.66% stronger against the dollar at 93.52 and had gained 0.84% to trade at 98.75 versus the euro.

It had shed 0.46% against the yuan to 12.74.

Alexei Antonov, head of Alor Broker’s investment consulting division said in a note the rouble’s strengthening was likely to be moderate, with the boost offered by the rate decision and mandatory sales of forex earnings offset by an increase in the money supply.

Russian rouble pulls back from six-week high vs dollar

“Therefore, we are not counting on any strong strengthening of the Russian currency”, Antonov said. Brent crude oil, a global benchmark for Russia’s main export, was down 1.54% at $89.09 a barrel. Russian stock indexes were up.

The dollar-denominated RTS index was up 0.93% to 1,089 points.

The rouble-based MOEX Russian index was 0.31% higher at 3,233 points.