Favourable market conditions and a global increase in risk appetite pushed the Russian currency to seven-month highs earlier in March.

At 0730 GMT, the rouble was 0.33 percent weaker against the dollar at 64.61 and down 0.15 percent at 72.68 versus the euro.

"The rouble is weakening along with other emerging market currencies because of risk aversion on the global market," said Konstantin Kostrub, head of treasury at ING Eurasia bank in Moscow.

An inversion in the U.S. yield curve has spooked investors, raising worries about a U.S. recession and triggering a dramatic selloff in global stock markets late last week.

Since the start of the year, the rouble has been supported by higher prices for Brent crude oil, a global benchmark for Russia's main export.

Oil prices have risen more than 25 percent this year, supported by supply cuts by OPEC and other major producers, along with U.S. sanctions on exports from Venezuela and Iran.

The rouble has also been bolstered by growing foreign demand for OFZ bonds, as well as month-end taxes that usually prompt export-focused companies to convert their FX revenues.

The finance ministry is set to announce details of its two OFZ weekly auctions later on Wednesday.

Earlier this month more than half the demand at the weekly bond auction came from foreign investors, while the volume of bonds sold by the finance ministry reached an all-time high.

"The currency could once again strengthen on the back of the OFZ auctions," said Andrei Kochetkov, an analyst at Otkritie brokerage.

Russian stock indexes were stable.

The dollar-denominated RTS index was down 0.15 percent to 1,228.13 points. The rouble-based MOEX Russian index  was unchanged at 2,511.33 points.