UPDATE 1-Russian rouble climbs to one-week high vs dollar

(Updates at 1438 GMT)

MOSCOW, Oct 19 (Reuters) - The Russian rouble strengthened to a one-week high against the dollar on Thursday, breaking free from the 97-98 range as an order for exporters to convert most of their foreign currency revenues outweighed the impact of a drop in oil prices.

By 1438 GMT, the rouble was 0.4% stronger against the dollar at 97.00, earlier hitting 96.7750, its strongest point since Oct. 12.

It was steady at 102.56 versus the euro and had firmed 0.7% against the yuan to 13.20.

"The rouble rate has stabilised and at times even tries to strengthen on the approaching payment of taxes to the budget," said Alor Broker's Alexei Antonov. "We do not think that rouble growth will be strong."

Month-end tax payments usually see exporters convert FX revenues to pay local liabilities. Additionally, this week, President Vladimir Putin's decree on mandatory FX sales came into force, obliging 43 groups of exporters to repatriate 80% and sell 90% of FX revenues.

The prospect of another interest rate raise is also supporting the currency. The central bank has hiked by 550 basis points since July and economists expect another increase at its next meeting on Oct. 27.

Analysts polled by the central bank expect the key rate to average 14.2% in the final quarter, the central bank said.

Brent crude oil, a global benchmark for Russia's main export, was down 0.6% at $90.93 a barrel.

Russian stock indexes were slightly mixed, still close to near six-week highs.

The dollar-denominated RTS index was up 0.4% to 1,055.2 points. The rouble-based MOEX Russian index was unchanged at 3,249.3 points.

Shares in oil major Lukoil fell 0.4%, easing from a record high hit on Wednesday after the company announced the date of its board's dividend meeting as Oct. 26.

"Geopolitics is supporting Russian equities, although this may be a temporary effect," said Sinara Investment Bank in a note. "Events in the Middle East continue to facilitate commodity price growth, which in turn, favours the oil and gas sector."

A stronger rouble and high interest rates, currently at 13%, are limiting the market's upside, however, Sinara added.

Russia could miss its 2024 revenue target and be forced to hike business taxes if the rouble proves stronger than expected and optimistic economic assumptions fall short, analysts said, as Moscow spends more on its war in Ukraine. (Reporting by Reuters; Writing by Alexander Marrow; editing by Barbara Lewis and Jane Merriman)