The Russian rouble climbed in choppy trade on Thursday, hovering above 96 against the dollar, while the stock market rallied after a month-long pause, aided by a short-selling ban and other support measures. After the West levied unprecedented sanctions for what Russia terms "a special military operation" in Ukraine, the rouble fell to a record low and the central bank ordered the suspension of most transactions, Russian markets are gradually returning.

The rouble has strengthened 1.6 percent to 95.16 per dollar intraday, continuing overnight gains fueled by President Vladimir Putin's announcement that Russia will begin selling its gas to "unfriendly" countries in roubles. The rouble was 2.2 percent higher against the euro at 105.66, up from an all-time low of 132.4 touched in Moscow trading earlier in March, but still much below levels of roughly 90 seen before Russia pushed hundreds of troops into Ukraine on February 24.

Volatility rose on the stock market as the Moscow Exchange partially began trading for the first time since late February. A ban on international trade and a ban on short selling remain in effect, artificially inflating the stock market. "Since the market opened, large bids to buy Russian equities have been noticed," BCS Brokerage stated in a note. "The overall mood is buoyed by the expectation that the finance ministry will purchase stocks."]

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