The Russian rouble hovered near 63 versus the dollar on Wednesday after hitting its lowest level since mid-October in early trade, as the market assessed the impact of the G7 price cap on Russia's export earnings.

The rouble was up 0.21% against the dollar to 62.95​​ by 08:17 GMT, but fell 0.38% against the yuan to 8.99 .

Against the euro, the rouble strengthened 0.35% to 65.90​​.

"As of this morning, the rouble is stable, but this is due to accumulated technical overselling of the Russian currency," said Alor Broker analyst Alexey Antonov.

"Once this has been removed, either by consolidation or a slight increase in the rouble, we expect the rouble to continue its gradual decline," he added.

The worsening situation on energy markets and lower supply of foreign currency from exporters may push the rouble towards the middle of the 63-65 range against the dollar, chief analyst Bogdan Zvarich said.

The price of oil, Russia's main export, grew slightly by 08:30 GMT, as Brent crude traded up 0.25% to $79.55 a barrel.

Russia is set to continue borrowing on Wednesday, with the finance ministry due to hold three OFZ treasury bond auctions later in the day.

Russian stock markets were lower.

The dollar-denominated RTS index was down 0.66% at 1,089.83, while the rouble-based MOEX Russian index fell 0.85% at 2,177.48. (Reporting by Caleb Davis; editing by Barbara Lewis)