Instability in the euro zone has resulted in decreased demand for high-yielding currencies such as the rouble - but the Russian currency remains one of the stronger commodity currency choices.

After the weekend the rouble was down two kopecks to 34.57 when compared to the euro/dollar basket. Despite this, bank chiefs at ING Moscow say the rouble is in fact performing better than other currency choices of its kind.

It wasn’t only the Russian rouble that has suffered as a result of uncertainty in Europe. Profit taking on the euro, Australian dollar and South African rand has also been experienced in recent days.

External factors such as the cuts to the Greek credit rating on Monday added to the decreased demand.

Despite this, the rouble's main benchmark - oil prices - were relatively firm. With barrel prices currently at an estimate of $75 per barrel. This has not been enough so far to counteract the demand for foreign currencies in Russia.

"European problems prevail for now. But the rouble is doing better than other (commodity) currencies," said Alexei Borichev, dealer at ING bank in Moscow.

An upward swing may be on the cards with many predicting that impending domestic tax payments will offer some support to the currency in the coming days. This will see Russia's exporters converting part of their dollar and euro revenues to meet tax liabilities. Others argue that exporters are more likely to hold off for a lower, more attractive rouble rate.