June 14 (Reuters) - The Russian rouble weakened on Wednesday for the second session running, sliding to a more than 14-month low beyond 85 against the dollar, weighed down by limited foreign currency supply.
By 0806 GMT, the rouble was 0.3% weaker against the dollar at 84.59, earlier hitting 85.03, its weakest point since early April 2022.
It had lost 0.4% to trade at 91.30 versus the euro and had shed 0.4% against the yuan to 11.79 , hitting an around seven-week low against both.
Trading in the rouble has seen reduced turnover and become susceptible to sharp swings since Moscow was targeted by Western sanctions over its military campaign in Ukraine, with fewer foreign investors able to access Russian markets.
A trader at a large Russian bank said on Tuesday the market was waiting for the rouble to strengthen once exporters, for whom a weak rouble is beneficial, begin to convert foreign exchange revenues to pay local taxes later in the month.
"We associate the current dynamics of the exchange rate more with temporary factors and suggest that when exporters return to more active sales of foreign currency revenues, the rouble may return nearer to 80 against the dollar," Raiffeisen Bank analysts said.
Brent crude oil, a global benchmark for Russia's main export, was up 0.9% at $74.98 a barrel. Jittery oil prices have added to rouble volatility of late. Brent has swung between around $72 and $78 a barrel in the past week.
News of Ukrainian counter-offensive efforts have also weighed on the rouble, but the geopolitics impact on Russian stocks has been limited, said Sinara Investment Bank.
The rouble-based MOEX Russian index was 0.9% higher at 2,783.4 points, a more than 14-month high. The dollar-denominated RTS index was up 0.6% to 1,036.5 points.
"The market looks overheated at the moment, but we believe the positive June trend will remain in force against the backdrop of the inflow of reinvested dividends and the unexpectedly significant rouble weakening," Sinara said.
Russia's finance ministry is due to hold two OFZ treasury bond auctions later on Wednesday. (Reporting by Alexander Marrow; Editing by Mark Potter and Alexander Smith)
