Higher oil prices and indications of ongoing energy demand in China saw Russia's rouble firm over one per cent against its euro-dollar basket today.

Analysts noted a shift in the "risk tone" as concern over Dubai's debt crisis eased, while a rise in emerging equities was also recorded.

The rouble gained 1.3 per cent against its euro-dollar basket, recovering from three-month lows hit by the currency earlier this week but still nearly four per cent weaker than its mid-November peaks.

"We expect the rouble to continue to appreciate slowly, heading towards the middle of the central bank of Russia's floating currency band (35-28 roubles to the basket)", Nikolai Podguzov, head of fixed income strategy at Moscow's Renaissance Capital, told Reuters.

As China's industrial output rose more than anticipated and oil refining output increased, the price of crude – Russia's chief export – increased to more than $71 a barrel.

Some analysts have suggested that the rouble has been buoyed up by the fact the Russian central bank hasn't cut the benchmark refinancing rate so far this month. There have been predictions, however, that it will be reduced by another 50 basis points before the year ends.