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Rouble hits 17-month high vs dollar

Moscow - The rouble hit its highest level in 17 months against the dollar on Monday as oil prices surged following a landmark deal by Russia and other non-Opec producers to join the cartel in capping output.

In morning trading, the dollar traded at 61.05 roubles, a level not seen since October 2015, and the euro at 64.54 roubles, also a 17-month high.

Russia and 10 other states on Saturday said they will reduce their production by more than half a million barrels per day (bpd), the Organisation of the Petroleum Exporting Countries (Opec) announced.

The move marks the first time non-Opcec members have reached an agreement since 2001, and follows a similar deal by Opec last month.

Opec members had agreed to collectively reduce output by 1.2 million bpd beginning in January.

The weekend deal pushed oil prices sharply higher on Monday. At around 09:20 GMT, US benchmark West Texas Intermediate for January was up $2.73 at $54.23 and Brent crude for February rose $2.72 to $57.05.

Russia, which is the world's largest oil producer along with Opec kingpin Saudi Arabia, is highly dependent on revenues from the commodity.

The slide in oil prices and Western sanctions over Moscow's role in the Ukraine crisis have pummelled the Russian economy.

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