The Russian ruble surged higher against the US dollar on Tuesday morning following the Federal State Statistics Service report showed that Russia's consumer prices rose 10.7% year-on-year in September.

A year ago, in September, consumer prices climbed 15%. Economists had expected the CPI to increase 10.9 percent.

Month-on-month, consumer prices remained flat in September. For the first nine months of the year, consumer prices were up 8.1%.

The ruble advanced 29.7995 against the buck around 6:00 am ET, the highest level since January 12th. The dollar-ruble pair, which closed yesterday's deals at 30.0625, is currently quoted at 29.82. If the ruble gains further, resistance is seen around the 29.14 level.

The Federal State Statistics Service also said the Russian consumer confidence strengthened in the third quarter. The report showed that its confidence index rose 7 points quarter-on-quarter to -25.

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