The rouble slipped as the Moscow Exchange opened but had firmed 0.3pc to 63.60 against the dollar by 1408 GMT . The Russian currency was 0.5pc stronger against the euro at 71.34.

"We are following other emerging markets in the absence of strong market flows," said a dealer at a major Russian bank, adding that the rouble is likely to continue trading in a narrow range on Monday.

The Russian currency received support from rising oil prices as well as lower state FX purchases.

This helped the rouble to resist pressure from dividend payments, the bulk of which will be carried out by July 20.

Analysts expect pressure on the currency will ease after that date, which coincides with month-end tax payments that often support the rouble.

These tax payments prompt export-focused companies to convert their dollars to the Russian currency.

Russian stock indexes pared losses on Monday. The dollar-denominated RTS index was down 0.1pc to 1,397 points, while the rouble-based MOEX Russian index was 0.5pc lower at 2,821 points.

Investors are awaiting US Federal Reserve Chairman Jerome Powell's monetary policy testimony on Wednesday and Thursday for signs the central bank will go slower on rate cuts this year following stronger than anticipated growth in US jobs in June.

"The US Treasury market and money markets have anticipated a lot of easing for this year and might now re-consider and re-evaluate the scope for monetary loosening," analysts from VTB Capital said in a note.