As stocks and oil prices fell at the beginning of the week, the rouble retreated 2% versus the euro-dollar basket over just two days, but this isn’t enough to worry the Central Bank.

Speaking to newspaper, Izvestia, Alexei Ulyukayev, the Russian Bank’s first deputy chairman, said “that fall is not frightening.” He added, “the rouble turned out to be overbought. Demand for it was too high and it appreciated too quickly. So the smallest news of falling oil prices was enough for speculators to stage a correction.”

The depreciation followed a rally that had lasted since the Central Bank halted its controlled devaluation of the currency which was intended to adjust the rouble in line with the financial crisis. The Bank had intervened in recent weeks to try to prevent excessive appreciation of the rouble.

The rouble fell to a three-month low against the basket on Tuesday 21 April, closing at 38.75 against the euro-dollar but regained strength on Wednesday to reach 38.49.