MOSCOW, Dec 20 (Reuters) - The Russian rouble

strengthened against the U.S. dollar and China's yuan on Friday,

ahead of an anticipated interest rate hike by the central bank

that is, however, not expected to have a significant short-term

impact on the currency.

Analysts polled by Reuters expect the central bank to raise

its main rate by 200 basis points to 23%.

President Vladimir Putin on Thursday urged the central bank

to make a "balanced" rate decision, saying the Russian economy

is showing signs of overheating which is stoking worryingly high

inflation.

By 0800 GMT, the rouble was up 1.0% at 102.50

against the dollar, according to over-the-counter market data

from banks. The rouble strengthened 0.2% to 13.99 against

China's yuan in trading on the Moscow Stock Exchange.

Analysts believe the rouble's exchange rate is being driven

by factors other than monetary policy.

"Under the current conditions, the results of the central

bank meeting are unlikely to significantly affect the short-term

dynamics of the currency market," Bank of Saint Petersburg

analysts said in a research note.

Foreign currency inflows into Russia appeared to have

stabilised after Turkey and Hungary, major importers of Russian

gas, received exemptions for gas payments to Russia from the

latest U.S. financial sanctions.

The rouble fell by as much as 15% against the dollar in

November after U.S. sanctions hit Russia's third-largest lender

Gazprombank, which handled payments for Russian energy,

prompting panic buying of foreign currency.

The rouble has since regained some lost ground and

stabilised above 100 to the dollar, seen by the market as a new

equilibrium level where it could remain for some time provided

there are no further external shocks.

One-day rouble/dollar futures, which trade on the Moscow

Stock Exchange and are a guide for the over-the-counter exchange

rate, were flat at 104.1. The Russian central bank set an

official exchange rate at 103.42 to the dollar.