The rouble hovered near a three-week high versus the dollar on Tuesday, ahead of an expected central bank rate hike later this week, while Russian stocks slightly recovered from April lows amid lingering political tension between Moscow and the West. By 1344 GMT, the rouble was 0.1% weaker against the dollar at 73.58 , but close to its strongest since Nov. 22 of 73.25, hit on Monday. It had lost 0.4% to trade at 83.23 versus the euro . Risk appetite was lower on continued uncertainty about the Omicron coronavirus variant, while the dollar strengthened on expectations of a hawkish Federal Reserve after its meeting this week. Sberbank CIB analysts said the rouble would likely hold at around current levels versus the greenback until the Fed"s decision on Wednesday. Russia"s central bank is expected to raise interest rates on Friday by 100 basis points as inflation hovers near its highest since early 2016. read more Higher rates are positive for the rouble as they increase demand for Russian assets thanks to lucrative yields, and thus protect the currency from external shocks. But the currency remains buffeted by rising East-West tensions, with Ukraine, the United States and Western capitals voicing fears over a Russian troop buildup near Ukraine. read more U.S. intelligence assesses that Russia could be planning a multi-front offensive on Ukraine as early as next year, involving up to 175,000 troops. The Kremlin has dismissed such statements as fear-mongering. Brent crude oil , a global benchmark for Russia"s main export, was down 1.2% at $73.48 a barrel. Russian stock indexes were still under pressure from geopolitical uncertainty, Veles Capital said in a note, though a renewed rally in oil prices could foster some recovery. The dollar-denominated RTS index (.IRTS) was up 0.1% to 1,550.2 points, recovering after touching its weakest since May 5 in early trade. The rouble-based MOEX Russian index (.IMOEX) was 0.1% higher at 3,620.3 points, after touching 3,532.29 points, its lowest since April 15, earlier in the day. At least 10 Russian companies could hold an initial public offering in 2022, bankers and advisors have said. read more For Russian equities guide see For Russian treasury bonds see Reporting by Alexander Marrow; Editing by Subhranshu Sahu and Sriraj Kalluvila Our Standards: The Thomson Reuters Trust Principles.