Calm took over the index after the initial spike, and the index settled at 1,722 points at 12:00pm in Moscow.
The ruble gained more than 1.2 percent against the dollar at the opening of trading on the Moscow Stock Exchange, with 65.77rubles now buying one US dollar. The exchange rate with the euro also improved to 75.34 rubles at 12:00pm MSK.
Closely tied to oil prices, the ruble has been one of the most volatile currencies in 2014 and 2015. In 2014 it lost 46 percent against the dollar, a similar fall to the oil price in the same period. In the last week, oil jumped nearly 10 percent, making major gains since hitting a $45 per barrel low.
Stocks in Russian banks and energy companies rallied.
#Micex up. highest level since 2011, #Brent up now 57 $. #Rouble up from morning, we don't see the usual morning drop.#Putin deal warranted
— Steen Vadstrup (@SteenVadstrup) February 6, 2015
Lukoil, Russia’s second-largest oil company, advanced 3.45 percent and Gazprom, the largest gas producer, gained 1.63 percent at 11:10 MSK.
The country’s largest lender, Sberbank, added 1.76 percent, and VTB, the second biggest, added 1.83 percent at 11:10 MSK.
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