* Rouble hits 15-month peak vs euro, nr 14-mth vs basket
* Strong oil sustains rouble's upward trend
* Chance of c.bank rate cuts priced in
(Adds quotes, details, updates prices)
MOSCOW, March 25 (Reuters) - The Russian rouble's rally regained momentum on Thursday, closing in on a 14-month high against the euro-basket, as a recovery in oil prices underpinned upbeat sentiment on the energy-focused economy.
Versus the euro-dollar basket, the rouble was up 15 kopecks on the day at 33.97
"Oil broke above $80 and that became the key to getting back to the previous rouble dynamic. But the problem of this trend is that it is a satellite of oil movements," said Roman Pakhomenko, dealer at Lanta bank.
Futures for Brent crude oil
According to Goldman Sachs estimates, net private capital inflow picked up to $5.3 billion in the week to March 19, supporting the rouble and boosting Russia's reserves to an almost four month high of $448.2 billion as the central bank intervened regularly to stem rouble gains. [ID:nMOS007540]
The regulator keeps the rouble within a floating trading band and allows it to move gradually, shifting the lower boundary by 5 kopecks after each $700 million of interventions. Since mid-February, the central bank made 22 such steps, bringing the band to 33.90-36.90, dealers say.
The Russian currency is supported by high interest rates that offer a substantial premium on holding assets in roubles compared to dollars and some policy-makers and companies have raised concerns about further gains.
The central bank has cut interest rates steadily since April 2009 and its benchmark refi rate is at a record low of 8.50 percent, but that is still much higher than in the world's major developed economies.
The bank is widely expected to cut rates by 25-50 basis points as soon as on Friday [ID:nLDE62N1BI] but that looks like too little to halt the rise.
"Possible rate cuts this year are priced in 125 times over already. Everyone was waiting for that for a long time," said Alexei Zaytsev, dealer at Unicredit bank in Moscow.
The rouble hit a fresh 15-month high versus the broadly pressured euro at 39.41 -- 20 kopecks firmer on the day.
(Reporting by Andrey Ostroukh; editing by Patrick Graham)