(Reuters) – The Russian rouble held steady against the dollar Tuesday, as investors focused on the likely central bank rate cuts later in the week.

The rouble was at 61.04 against the dollar, as supported by capital controls, at 0807 GMT. The rouble has stabilised within a narrow range of 60.0-62.5 during the recent days, following rapid swings in May.

Promsvyazbank analysts predicted that the currency would strengthen in the range of 60 to 62 against the U.S. Dollar on Tuesday.

To trade at 64.73 against the euro, the rouble gained 0.6%

Moscow Exchange: The rouble’s movement is influenced by capital controls Russia implemented to protect its financial systems soon after the deployment of tens or thousands of troops in Ukraine on February 24th.

Russia’s sovereign debt obligations, sanctions and Russia’s continued efforts to resolve them remain at the forefront of attention.

The sixth round of sanctions was agreed by the European Union’s member countries over Moscow’s “special military operation” in Ukraine. It included an import ban for all Russian oil and marine products within six to eight month.

Moscow’s National Settlement Depository, Russia (NSD), had intended to be used to service its Eurobonds. However, the EU has placed the NSD on the sanctions list.

On Tuesday, the Vedomosti daily reported, citing sources that investors still haven’t received payment from finance ministries on Eurobonds due for 2026 and 2036, made prior to a crucial U.S. waiver permitting such transactions expiring last month.

The yields of 10-year OFZ Treasury Bonds fell to 8.88% on the local debt markets. This was their lowest level since January 13, as investors waited for the decision by the central banks. Prices are inversely related to bond yields.

Reuters polled a majority of analysts and they expect a cut of 100 basis points to 10%. This is because the bank wants to reduce lending costs in light of slow consumer demand, as well as a pause with inflation.

Russian stock indexes fell.

RTS, a dollar-denominated index, fell 1.9% at 1,156.5 points. At 2,240.8 points the MOEX Russian index, which is based on roubles, was 1.8% lower than its May 24th low point.