(Reuters] – On Thursday the Russian rouble increased in trade, moving towards 62 against the Euro on the Moscow Exchange. Meanwhile, stock indexes fell, losing momentum and new trading ideas.

After hitting the mark of 62.11 in late May, the rouble had gained 0.9% and was trading at 62.96 to the euro.

As a result of capital controls, this year’s world-best performing currency has the ruble. It has been there for over three months after Moscow sent thousands of troops to Ukraine on February 24th.

Russia’s move to ease capital controls, which included an increase in the ceiling on cross-border transactions by individuals as well as the ability for export-oriented companies to send forex overseas under certain conditions, had little impact on the rouble.

Now, the central bank will be in high demand as it holds a rate-setting meeting Friday. A rate cut may put downward pressure on both the rouble as well as support prices for OFZ treasury bond.

Reuters polls found that the majority of respondents expect a rate reduction to 10% at 100basis points. The bank is trying to lower lending costs in light of slowing consumer demand and a pause with inflation.

BCS Global Markets stated that a more drastic cut of 9% to the central bank was possible because economic prospects and lower inflation give it greater flexibility.

The Russian Consumer Inflation Rate slowed to 17.10% from 17.83% last April. It was at its lowest point since January 2002. Data were released on Wednesday.

Russian stock indexes declined.

Dollar-denominated RTS Index fell 1.1% to 1,217.5 Points. MOEX Russian’s rouble index lost 1.6%, to 2,282.2.

For Russian equities guide see

Russian Treasury Bonds

($1 = 59.2000 roubles)