MOSCOW, May 7 (Reuters) - The Russian rouble firmed marginally in light trade on Friday, edging below the 74 mark versus the dollar for the first time in seven weeks, while the MOEX stock index surged to an all-time high.
The rouble opened the day below 74 versus the dollar, reaching that mark for the first time since March 19 and by 0747 GMT, it was 0.1% stronger at 74.14 RUBUTSTN=MCX. In very early trade, the rouble briefly touched 72.00, but remained steady on the interbank market RUB=.
It was unchanged against the euro, trading at 89.54 EURRUBTN=MCX, earlier clipping its strongest mark since April 2.
"The local market has had a good run this week, likely a result of a solid Brent and waning geopolitical risks," BCS Global Markets said in a note, adding that investors could engage in profit taking later in the day ahead of another long weekend in Russia.
Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.2% at $68.2 a barrel.
Expectations of a meeting between Russian President Vladimir Putin and his U.S. counterpart Joe Biden that the U.S. side proposed to hold in June have boosted the geopolitical backdrop and Russian assets.
Even though fears of more sanctions against Moscow have somewhat declined, the rouble retains a visible geopolitical discount and lacks momentum to regain ground. In 2020, when oil prices hovered near current levels, the rouble was around 61 versus the dollar and 68 against the euro.
Russian stock indexes were climbing.
The rouble-based MOEX Russian index .IMOEX was 0.6% higher at 3,679.2 points, earlier hitting an all-time high of 3,684.53 points.
The dollar-denominated RTS index .IRTS was up 0.8% to 1,563.2 points, at its highest since early February 2020.
Trading activity is set to be below average this week as Putin declared May 1-10 to be non-working days.
For Russian equities guide see RU/EQUITY
For Russian treasury bonds see 0#RUTSY=MM
(Reporting by Alexander Marrow; Editing by Angus MacSwan)
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