On Monday 6 April, the Russian rouble reached a nine-week high as Urals crude oil prices peaked at US$51.48 per barrel, which is its highest price since November 2008.

The currency strengthened to 38.39 against the euro-dollar basket, closing at 38.49. The Central Bank intervened for the third day in a row on Monday to try to stop the currency gains, but the Russian population is gaining confidence in the currency, with retail deposits rising for the first time in six months, during February.

The Central Bank intervened at the 38.50 level on Monday and Denis Korshilov of Citibank, told Reuters: ‘I think today the Central Bank bought around $1 billion.”

Daniel Levchenko of brokerage Otkrytie, says ‘Now, a strong rouble is neither in the interest of exporters, nor of other producers.” Meanwhile, on Monday Vladimir Putin, the Russian Prime Minister, said the current rate, which is still 25% lower than it was in August 2008, has been good for local producers.