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© Reuters. FILE PHOTO: Rouble coin plunges into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) – Russia’s rouble rose against the dollar and euro on Friday, as oil prices lifted during thin holiday trading.

The rouble gained 0.55% against the dollar to 71.79 ​​by 0735 GMT, and 0.86% against the euro to 75.57​​.

The price of oil, Russia’s main export, extended gains from the previous session amid hopes of growing demand from major oil importer China. was last up 0.23% to $78.87 a barrel.

Russian stock markets were higher.

The dollar-denominated RTS index was up 0.67% at 947.16, while the rouble-based MOEX Russian index was largely unchanged at 2,157.74.

Trading activity is expected to be low this week and recover to regular levels after Jan. 9, the end of Russia’s New Year holidays.​

The rouble had a volatile year in 2022, slumping to a record low 120 per dollar in March soon after Russia shook markets by sending tens of thousands of troops into Ukraine, then recovering on the support of capital controls and a collapse in imports.

    The imposition of a Western oil price cap and embargos hurt the rouble in December, but analysts expect the currency to remain relatively resilient in 2023 thanks to Russia’s strong current account surplus.​​

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