Increasing investor aversion to emerging market risks saw the rouble fall to a two-month low this morning, with all eyes now turned to the Russan central bank to take more action to curb the slump.

While the rouble eased as far as 35.65 versus a euro-dollar basket yesterday, marking its weakest position since late October, it weakened to 36.57 versus the basket today.

The downward movement is expected to ease tension for Russia's authorities, who have expressed concern that an oil-fuelled rouble rally could unhinge the country's recession recovery.

One dealer told Reuters the central bank is likely to intervene in a bid to restrain excessive currency volatility in either direction.

"I think it will restrain the rise in the basket," the dealer said of the regulator. "For them it is a very big indicator, to avoid big volatility. We are unlikely to reach 38 (to the basket) today."

Foreign currency sales by the central bank will come in contrast to recent ongoing dollar purchases, which were aimed at slowing down the rouble rally.

More interest rate cuts are also anticipated, following this week's reduction to a record low of nine per cent.