May 4 Reuters The Russian rouble climbed to a morethanonemonth high on Thursday, gaining for a fifth straight session, as oil prices staged a partial recovery, countering the impact of reduced foreign currency supply.

By 0923 GMT, the rouble was 1 stronger against the dollar at 78.44 , its strongest mark since April 3.

It gained 1.1 to trade at 86.74 versus the euro and was 1.1 firmer against the yuan at 11.33 , also its strongest since early April against both currencies.

The rouble strengthened sharply after the central bank held interest rates steady on Friday, but retained the prospect of future hikes. The rouble has also benefited with a lag from high oil prices throughout April, which translates to higher export revenues for Russian exporters.

But after monthend taxes were paid on April 28, the rouble can now count on reduced supply of foreign currency in the market.

Brent crude oil, a global benchmark for Russia39;s main export, was up 1.2 at 73.19 a barrel.

The drop in oil prices to 73 from 80 per barrel will put pressure on the rouble and may lead to another wave of weakening, said Banki.ru chief analyst Bogdan Zvarich in a note.

In the current situation, risks remain that the dollarrouble pair will return to the 8082.5 range, Zvarich said.

Oil prices were recovering on Thursday but unable to claw back the morethan9 decline of the previous three days as demand concerns in major consumers overrode signals that the U.S. may pause its interest rate…