Russian rouble firms towards 89 mark against dollar

March 4 (Reuters) - The Russian rouble strengthened towards 89 against the U.S. dollar on Tuesday, paring losses after four consecutive sessions of depreciation, as markets pinned hopes on the prospect of U.S. sanctions relief for Russia.

The United States is drawing up a plan to give Russia sanctions relief as President Donald Trump seeks to restore ties with Moscow and stop the war in Ukraine, a U.S. official and another person familiar with the matter told Reuters.

That report boosted Russian stock markets, Alfa Investments said in a note on Tuesday, and by 0908 GMT, the rouble RUB= was up 0.4% at 89.30 to the dollar in over-the-counter market trade.

Against the yuan, the most traded foreign currency in Russia, the rouble weakened 0.9% to 12.21, hampered by lower oil prices.

Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 1.3% at $70.55 a barrel after OPEC+ decided to proceed with a planned April oil output increase, following Trump renewing pressure on OPEC and Saudi Arabia to bring down prices.