The rouble gained 0.3pc  to 65.15 versus the dollar at 0807 GMT, gaining from Monday's 65.60, the weakest since May 3.

Brent crude futures have slumped, trading at around $61 on Tuesday compared with levels of above $70 seen last week.

Trade in the rouble has been buffeted by the oil price volatility and lingering uncertainty related to global trade wars. Investors are also watching the US Federal Reserve for clues on its monetary policy, which in turn impacts the policy of the Bank of+ Russia.

"Today's main focus is a speech on monetary policy by Fed Chair Jerome Powell hosted by the Chicago Fed and which focuses on potential changes in policy strategies to counter a persistent under-shoot in targeted inflation," VTB Capital said in a note.

The Russian finance ministry is also in focus as it will announce details of its OFZ bond auctions due on Wednesday.

Demand for OFZ bonds is seen as a gauge of sentiment towards Russia and could support the rouble as investors might need to convert foreign currency to take part in weekly auctions.

Versus the euro, the rouble was 0.1pc  stronger at 73.40 .

Russian stock indexes were down.

The rouble-based MOEX Russian index shed 0.6pc  to 2,714.2 points, sliding from an all-time high of 2,743.81 it hit on Monday.

On Monday, MOEX's rise came as the Kremlin issued a statement that an embezzlement case against prominent US investor Michael Calvey was regrettable. The Kremlin added it wanted him freed.

The case and Calvey's arrest had heightened concerns about Russia's business climate.

The dollar-denominated RTS index was down 0.2pc  to 1,312.9 points.