The rouble was stable in early trade on Tuesday, bolstered by a 16-month high versus the euro-dollar basket on Monday and strong oil prices.

At 6.40 GMT this morning, the rouble was trading at 33.46 versus the euro-dollar basket, little changed from yesterday’s close and very near the presumed intervention level of the Russian central bank.

As Russia’s chief export, oil prices remain the key driver of rouble strength. On Monday, futures for Brent crude oil closed trading priced in excess of $86 per barrel. This was only a slight correction on the 18 month high of $87.75 earlier in the day.

Pyotr Neymishev, a dealer at Otkritiye bank, commented: "It's possible to break through (the central bank's bid level of 33.45 roubles per basket) with such oil.”

The central bank in Russia keeps the rouble within a floating corridor and moves it by 5 kopecks after $700 million of interventions at each boundary level. Dealers said that the bank shifted the band to 33.45-36.45 roubles per basket on Monday, the 31st move in 10 weeks.

Early on Tuesday morning the rouble was trading at 29.06 against the dollar and 38.85 against the euro.