The market has seen reduced turnover and become susceptible to sharp swings since Moscow was targeted with sweeping Western sanctions over its invasion of Ukraine, with fewer foreign investors able to access Russian markets.

“There is illiquidity in the market,” said a trader at a large Russian bank, while cheaper oil is an “irritant”.

Everyone was waiting for the rouble to strengthen again once exporters, for whom a weak rouble is beneficial, begin to convert foreign exchange revenues to pay local taxes later in the month, the trader added.

“The rouble is very worrisome,” said Alexei Antonov of Alor Broker, predicting that it could head towards 90 against the dollar.

“There is slight hope that exporters will take advantage of the favourable exchange rate for them and increase their sales of foreign currency revenues,” Antonov added.

Brent crude oil, a global benchmark for Russia’s main export, was up 1% at $72.56 a barrel. Prices for Brent have fallen sharply from near $78 in the last few sessions.

The rouble showed limited reaction to the central bank holding interest rates at 7.5% on Friday, but issuing its strongest signal yet that it may hike interest rates this year, saying that likelihood had grown as inflationary pressures intensify.

Russian stock indexes were mixed. The rouble-based MOEX Russian index was 1% higher at 2,736.3 points, supported by large issuers’ dividend payments.

The dollar-denominated RTS index was down 0.6% to 1,025.7 points.

Moscow-listed shares in Yandex fell 0.6% after VTB CEO Andrei Kostin told Reuters the state-owned lender may pull out of the running to acquire a stake in Yandex’s Russian business. VTB shares were 1.8% higher.