MOSCOW - The Russian rouble hit its strongest level against the dollar since July 2015 early on Monday.
At 0745 GMT, the rouble was 0.3 per cent stronger against the dollar at 58.05 and had gained 0.3 per cent to trade at 61.74 versus the euro.
It briefly dipped below 58 roubles per dollar for the first time since July 24, 2015.
The rouble continued to rise since Friday after signs that OPEC oil producers were cutting output as promised under a global deal.
The Organisation of the Petroleum Exporting Countries, Russia and other producers agreed to cut oil production by a combined 1.8 million barrels per day in the first half of 2017 to boost prices and get rid of a supply glut.
Brent crude oil, a global benchmark for Russia's main export, was up 0.09 per cent at $56.70 (S$80.60) a barrel.
Last week the Russian finance ministry began buying dollars on the domestic currency market with the help of the central bank to replenish the country's fiscal reserves.
The purchases of foreign currency are equivalent to around 6.3 billion roubles (S$154.3 million) a day for the fiscal reserves.
But the currency purchases have not significantly influenced the rouble so far.
Russian share indexes were higher on Monday.
The dollar-denominated RTS index was up 1.3 per cent to 1,180 points, while the rouble-based MICEX was 0.5 per cent higher at 2,174 points.