(Adds Belarusian bonds, updates figures)
MOSCOW, Sept 1 (Reuters) - The Russian rouble firmed against a weak U.S. dollar on Tuesday, tracking other emerging market currencies lifted by greater risk sentiment on global markets and higher oil prices.
The rouble was 0.9% stronger against the dollar at 73.44 by 1423 GMT and had gained 0.7% to 87.79 versus the euro.
The Russian currency was buttressed by a recovery in oil prices, which erased overnight losses as investors moved into riskier assets and away from a U.S. dollar that tumbled to multi-year lows. Brent crude oil, a global benchmark for Russia’s main export, was up 1.6% at $45.99 a barrel by 1414 GMT.
“The Russian market is expected to rebound today supported by a weakening U.S. dollar, which is providing a tailwind to both the oil price and the rouble,” analysts from Alfa Bank said in a note.
The rouble has received a significant boost from a U.S. Federal Reserve announcement last month that the central bank would aim for 2% inflation on average instead of making it a fixed objective.
The Russian currency, however, has come under pressure recently from political risks linked to the crisis in Belarus and the suspected poisoning of Kremlin critic Alexei Navalny.
The Belarusian rouble remained under pressure at 3.14 against the euro. It firmed slightly against the dollar to 2.62, near last week’s record low of 2.6640.
Belarus dollar-denominated bonds jumped more than 1 cent to their highest in nearly three weeks after Russia’s finance ministry said Moscow and Minsk were discussing the parameters of refinancing Belarusian debt.
The June 2027 issue added 1.5 cents, its biggest daily gain since last week, to reach its highest since Aug. 13. The February 2030 issue gained 1.1 cents to reach its highest since Aug. 12, Tradeweb data showed.
Investors on Wednesday will be turning their attention to the Russian finance ministry’s auction of two series of OFZ treasury bonds maturing in 2026 and 2030. Demand for these bonds serves as a gauge for market sentiment towards Russian assets.
Russian stock indexes were trading higher.
The dollar-denominated RTS index was up 1.7% at 1,280.5 points, while the rouble-based MOEX Russian index gained 0.6% to 2,985.3 points.
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Reporting by Gabrielle Tétrault-Farber in Moscow and Tom Arnold in London Editing by David Goodman, Ken Ferris and Susan Fenton
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