Bouncing back from yesterday's 15-day low, the Russian ruble advanced to a 6-day high of 31.6055 in early New York trading on Thursday. This was up by more than 1.15 percent from Wednesday's close of 31.9795. The next upside target for the ruble is seen around the 31.5 level.

Russian service sector activity improved in August for the first time since September 2008, the VTB Capital and Markit Economics said today.

The headline seasonally adjusted Russian services Purchasing Managers' Index or PMI increased to 52.2 in August from 48.5 in July. This was the first increase in service sector after ten consecutive months of contraction.

A PMI reading below 50 indicates contraction, while a reading above 50 signals expansion.

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