(Reuters] – On Thursday the Russian rouble saw a strong increase due to strong gains by stock indexes and month-end tax payments.

Russian markets are partly controlled by capital controls. While stocks trade with no short-selling and with restrictions on foreign investment in Russian companies, movements on these stock exchanges can be partly faked.

After hitting 72 in light trading on the Moscow Exchange, the rouble stood at 72.59 GMT (0.3%) against the dollar. The rouble was 0.5% weaker against the euro at 74.3525 after it touched 72 in light trade on the Moscow Exchange.

Promsvyazbank analyst said that the Russian currency would swing in the range of 71 to 73 against the greenback.

In the last few days, the rouble strengthened as export-oriented companies sold foreign exchange revenue to cover local liabilities. These liabilities could reach 3 trillion roubles ($41.24 Billion) according to Reuters survey analysts.

Since February 24, Russia began what it called “a special militaristic operation” in Ukraine, the rouble has recovered fully to its levels before that date. It led to unprecedented west sanctions and a blockade of Russia’s resources.

The bond market saw yields for 10-year OFZ benchmark treasury bonds stabilize at 10.13 percent ahead of Friday’s central bank rate-setting meeting.

A Reuters poll suggests that the Bank of Russia may reduce its key rate by 200 basis point to 15% in an effort to increase lending.

Russian stock indexes rose. RTS, a dollar-denominated index, rose 2.2% to 1.072.0 point. MOEX, a rouble-based counterpart MOEX, was 1.9% higher at 2,470.7.

For Russian equities guide see

Russian Treasury Bonds

($1 = 72.7410 roubles)