(Reuters] – On Thursday the Russian rouble climbed sharply to Moscow’s trading levels, compared to levels seen in Moscow before Russia sent tens or thousands of troops to Ukraine. Stock indexes jumped higher to evade new western sanctions.

The rouble traded at 7.88% against the dollar, after briefly trading at 74.2625. This was its highest point since February 11.

Promsvyazbank analyst said that even though the rouble may appear overheated technicalally, it can still be strengthened today.”

The rouble moved jitterily and the Moscow Exchange traded volumes were low compared to levels before Russia launched what it called “a special military operations” in Ukraine.

Recently, the Russian rouble has been managed by obligatory conversions of euro and dollar revenues by export-focused businesses. Demand for forex is limited by capital restrictions that the central banks imposed after the rouble plunged to its lowest level in March.

The rouble strengthened against the euro by more than 5%, reaching 82.29 from its highest level since October 80.8375.

The rouble traded at around 80 dollars per dollar on the interbank markets. Banks offered euros for sale at 89.40 rubles and would be willing to purchase them at 83.94 rubles.

Russia’s currency shrugged off concerns that Russia might default on international debt. It paid bondholders for dollar bonds in dollars using roubles. However, it said it will continue doing so until sanctions are lifted.

The stock market saw the MOEX Russian, a rouble-based index that tracks Russian stocks rise 0.8% to 2,631.8. It had fallen the day prior due to the new sanctions.

On Wednesday, the United States announced that a new set of sanctions was being applied to Russian financial institutions and Kremlin officials as well as their families.

The RTS dollar index rose 5.2% and reached 1,088.9, the highest point since Feb. 22, 2002.

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