The Russian rouble was stable on Wednesday, shrugging off the impact of a sharp decrease in oil prices earlier in the week.

At 0750 GMT, the rouble was 0.2% weaker against the dollar at 92.44 and had lost 0.03% to trade at 98.70 versus the euro.

It was down 0.01% against the yuan at 12.68.

In a note, Russia’s Bank Saint Petersburg said that the rouble would likely remain at its current levels for the time being.

It said that lower oil prices would be unlikely to drive the rouble downwards in the short term.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.17% at $81.74 a barrel, after a sharp fall earlier this week.

Russian rouble down slightly amid oil price decline

Russian stock indexes were down.

The dollar-denominated RTS index was down 0.21% to 1,104 points.

The rouble-based MOEX Russian index was 0.13% lower at 3,242 points.