Russian rouble gains slightly amid intervention speculation ahead of CPI data

Russia's rouble added some more points on Thursday, further distancing from Wednesday's record low, helped by market speculation that the central bank will intervene in the market to prevent sharper losses in the currency.

The market is expecting year-on-year CPI inflation in Russia to quicken in November to a new three-year high near 9%. Data is scheduled at 12:00 GMT.

USD/RUB fell to a low of 52.08 on Thursday from the previous close of 53.10 and versus the record high of 54.90 hit earlier that day. Rouble recovered on Wednesday by the closing time as the Russian central bank said it intervened in the currency market on Monday.

The Russian currency is among the biggest losers this year with a 40% fall so far. The unit was battered down by the steep fall in oil prices and economic and trade sanctions on the country by the European Union and the US after it involved in the Ukraine crisis supporting rebels.

The 6% fall in the rouble on Monday forced the central bank to sell $700m and buy roubles. The CBR revealed the same on Wednesday and that has been helping the rouble sentiment since then, traders said.

The dollar has also made big gains in the recent days with the market waiting for the key jobs report on Friday. The consensus is for a rise in non-farm employment additions in November from October and any positive surprise in the print will boost expectations of a US rate hike sooner than earlier forecast.

The USD index, the gauge that measures the trade weighted strength of the greenback against a basket of major currencies, has risen to a 68-month high of 89.04 on Wednesday. A break of 89.17 will take it to its highest since April 2008, an 80-month high.

Rate decisions by the European Central Bank and the Bank of England later on Thursday are also likely to influence the dollar movement.

Russian President Vladimir Putin on Wednesday has signed the 2015 budget, which runs an $8bn deficit for the first time in several years and balances on the oil price of $100 per barrel even as Brent crude currently hovers around $70.

A central bank official has sad a few weeks ago that the bank has prepared new economic forecasts based on a price of $60 per barrel.