The Russian rouble rallied to multi-month peaks on Wednesday after the price of Brent crude rose to 70 dollars per barrel.
The rouble hit 56.76 versus the dollar in early trade on Moscow Exchange, its strongest level since June 7.
As at 0714 GMT, the rouble was 0.3 firmer at 56.82 per dollar.
The rouble gained momentum in 2018 as prices rose for oil, Russia’s key export, amid ongoing production cuts led by OPEC and healthy demand.
Against the euro, the rouble was 0.3 per cent stronger at 67.80 after briefly reaching its strongest level since early November, 67.74.
The Russian market was also catching up with this year’s gains in other emerging markets.
Most Russian players were away for New Year and Christmas holidays, officially celebrated from Dec. 30 to Jan. 8.
Russian stock indexes also climbed higher.
The dollar-denominated RTS index was up 0.4 per cent at 1,233.7 points, nearing its highest since September 2014 of 1,238.3 which it hit a day before.
The rouble-based MOEX Russian index, previously known as MICEX, was 0.1 per cent higher at 2,227.4 points, with its gains limited by the stronger rouble.
On Tuesday, the MOEX hit 2,242.87, a level last seen in late January, a year ago.