MOSCOW, July 19 (Reuters) - The rouble weakened on Monday, retreating from the 74 threshold versus the dollar it hit in the previous session, as oil prices fell after OPEC+ overcame internal divisions and agreed to boost output, also pushing Russian stocks lower.
At 0751 GMT, the rouble was 0.3% weaker against the dollar at 74.31, creeping towards a one-week low, and had lost 0.1% to trade at 87.58 versus the euro.
Oil prices were lower after OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.
Brent crude oil, a global benchmark for Russia's main export, was down 1.3% at $72.61 a barrel.
"Despite the local drawdown, we view the increase in Russia's oil production quota as positive for the rouble in the medium term," said Promsvyazbank analysts in a note.
Russia and other emerging markets may see continued pressure from hesitancy over the global economic recovery, despite the U.S. earnings season so far exceeding expectations, BCS Global Markets said in a note.
The rouble does have the support of a month-end tax period which usually prompts export-focused companies to convert revenues in foreign currencies into roubles and expectations of a rate hike by the central bank later this week.
Governor Elvira Nabiullina said last month the board may consider raising rates from 5.5% by 25-100 basis points at its July 23 meeting to rein in inflation.
Russian stock indexes were at their weakest since late May.
The dollar-denominated RTS index was down 1.1% to 1,584.9 points, earlier touching its lowest since May 25. The rouble-based MOEX Russian index was 0.% lower at 3,739.2 points, its weakest since May 31.
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(Reporting by Alexander Marrow. Editing by Mark Potter)
