On Monday afternoon, the rouble strengthened to a position of 34.70 versus the dollar-euro basket, a gain of 10 kopeks on last week's close.

This rise can be attributed to a renewed interest in riskier assets, relatively strong crude oil prices and the final payment of monthly tax bills.

The rouble is kept in a floating corridor by the Russian Central Bank, which is currently estimated by market participants to be 34.70-37.70. In order to avoid rapid fluctuations in the rouble rate, the central bank shifts 5 kopeks for each US$700 million spent. So, the current position of the rouble is at the lower end of this corridor.

The position of the rouble against the dollar remained virtually unchanged at 29.95, but the currency gained considerably against the euro. At 40.35 per euro, it was a quarter of a rouble up on the euro at close of business on Friday.

Analysts at Renaissance Capital in Moscow have advised: "If the commodity market picture remains unchanged, any notable fluctuation (by 50 kopecks or more) of the rouble/basket rate from the lower end of the band should be considered as an opportunity for opening long positions in the rouble/basket".