Today saw the rouble hit its strongest level of the year, closing in on the current boundary of the central bank's floating trading band on the back of higher oil prices and upcoming domestic tax payments.

Dealers have forecast that the regulator's boundary could be reached as early as tomorrow after the currency firmed as far as 35.05 versus the euro-dollar basket and as far as 30.09 per dollar – its strongest in almost a fortnight.

Russia's key export – Urals oil – jumped over two per cent to above $72 a barrel, prompting analysts to note that upward pressure on commodity prices could keep the rouble supported in the coming days.

Next week's month-end domestic tax payments – estimated at around 370 billion roubles – are further expected to benefit the rouble.

The firming-up of the Russian currency comes in the same week as a report from the Association of Russian Banks suggesting that the country's banking system needs to set aside between 1.25 trillion roubles and 3 trillion roubles to cover its bad debt.

Credit risks and the possibility of an equity market bubble are identified as the main threats to Russia's recovery from recession.