Russian rouble firms towards 89 against dollar

March 5 (Reuters) - The Russian rouble firmed towards the 89 mark against the U.S. dollar on Wednesday, paring some losses after five consecutive sessions of depreciation, as markets responded to the geopolitical impetus of potential sanctions relief.

The rouble is up against the dollar this year, mostly thanks to expectations of improved relations between Moscow and Washington that could produce some kind of conflict resolution in Ukraine and a possible easing of sanctions against Russia.

By 0844 GMT, the rouble RUB= was up 0.3% at 89.50 to the dollar in over-the-counter market trade. Against the yuan, the most traded foreign currency in Russia, the rouble fell 0.1% to 12.20.

The rouble rate will continue consolidating in the 12-12.5 range against the yuan, said Promsvyazbank analysts, and the Russian currency could strengthen towards the end of the month when exporters convert foreign currency into roubles to make tax payments.

"The news background in the short term is likely to continue to remain positive," Promsvyazbank said.

Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 0.3% at $70.80 a barrel.