Oct 11 (Reuters) - The Russian rouble recovered from an early dip in volatile trade on Wednesday, under pressure from capital outflows and limited foreign currency supply, but managing to firm back past 100 to the dollar as oil prices rose.
At 0735 GMT, the rouble was 0.4% stronger against the dollar at 99.87, pulling clear of a more than 18-month low hit on Monday. It had gained 0.5% to trade at 105.88 versus the euro and firmed 0.4% against the yuan to 13.68.
Brent crude oil, a global benchmark for Russia's main export, was up 0.3% at $87.89 a barrel.
"In general, we will see the real effect of rising oil prices only in Q4 2023," said Yevgeny Kogan, professor at Russia's Higher School of Economics. "That is why there are expectations that the rouble can still strengthen by the end of the year."
The rouble's last tumble into triple digits in August led the Bank of Russia to make an emergency 350 basis-point rate hike to 12% and authorities to discuss reintroducing controls to buttress the currency, but interventions - verbal or otherwise - have been more limited this time around.
Another rate increase to 13% followed in September and analysts polled by Reuters widely expect a further hike at the central bank's next scheduled meeting on Oct. 27, a step that Kogan said would cause more problems than it solves.
"Not only will the economy slow down even faster, but also the number of bankruptcies, both corporate and private, will increase," Kogan said.
The International Monetary Fund this week said Russia's economy will grow by 1.1% in 2024, slower than previously forecast.
Russian stock indexes were mixed.
The dollar-denominated RTS index was up 0.5% to 1,001.5 points. The rouble-based MOEX Russian index was 0.1% lower at 3,174.5 points.
Russia's finance ministry will hold two OFZ treasury bond auctions later on Wednesday. (Reporting by Alexander Marrow; Editing by Christina Fincher)
