MOSCOW: The Russian rouble strengthened past 92 to the dollar on Thursday, supported by exporters’ mandatory foreign currency sales even as oil prices remained at more than three-month lows.

At 0738 GMT, the rouble was 0.2% stronger against the dollar at 91.87, heading back towards the three-month high of 91.6225 hit last week.

It had gained 0.1% to trade at 98.42 versus the euro and firmed 0.3% against the yuan to 12.59.

The rouble has strengthened from beyond 100 to the dollar since a presidential decree requiring some exporters to convert a significant portion of foreign currency revenues was announced last month.

The central bank’s higher-than-expected rate hike to 15% in late October has also helped.

Russian rouble stable amid lower oil prices

“The picture for the rouble has improved,” said Alor Broker’s Alexei Antonov, suggesting that breaking the 90 barrier to the dollar was quite realistic for the rouble when tax payments approach at the end of the month.

Brent crude oil, a global benchmark for Russia’s main export, was up 0.7% at $80.13 a barrel.

Brent had fallen to its lowest since mid-July on Wednesday, as worry over potential supply disruptions in the Middle East eased and concern over US and Chinese demand intensified. Russian stock indexes were lower.

The dollar-denominated RTS index was down 0.3% to 1,110.0 points.

The rouble-based MOEX Russian index was 0.2% lower at 3,237.3 points.