May 5 (Reuters) - The Russian rouble surged to a more than one-month high beyond 77 against the dollar in early trade on Friday, ahead of a long weekend in Russia and as oil prices staged a partial recovery.
At 0703 GMT, the rouble was 1.1% stronger against the dollar at 77.21, earlier touching 76.98, its strongest point since March 31.
It had gained 1% to trade at 85.37 versus the euro . It had firmed 1% against the yuan to 11.16 .
The rouble has now been strengthening for six sessions running. It may weaken ahead of Russia's upcoming long weekend should demand for dollars rise towards the evening, said Alor Broker's Alexei Antonov. Russia celebrates Victory Day on May 9.
Brent crude oil, a global benchmark for Russia's main export, was up 1.2% at $73.36 a barrel, but looks set to close the week down around 8% after dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand.
The rouble strengthened sharply after the central bank held interest rates steady on Friday, but retained the prospect of future hikes. The Russian currency has also benefited from a lag from high oil prices throughout April, which translates to higher export revenues for Russian exporters.
Russian stock indexes were higher.
The dollar-denominated RTS index was up 1.7% to 1,035.6 points. The rouble-based MOEX Russian index was 0.5% higher at 2,535.7 points, up from a more than three-week low hit on Thursday.
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(Reporting by Alexander Marrow; Editing by Alexander Smith)
