Amid another strong week for the rouble, Russian officials have revealed the country's industrial output for September was up 5.1 per cent from August.

The government treated the news cautiously, noting that companies' finances need to improve and domestic demand must be revived to ensure the progress is sustainable.

Andrei Klepach, Russia's deputy economy minister, said clearing the country's debts is also a pressing priority.

According to Reuters, Aleksandra Evtifyeva, an economist with Moscow's state-controlled VTB Bank, added in a note that September's progress "is likely to be a one-off", with growth in manufacturing expected to be moderate during the rest of the year.

While a recent surge in crude prices bodes well for the Russian economy, analysts have warned that any reversal in the commodity's circumstances would have a severe impact on it and the rouble.

This week also saw US Federal Reserve chairman Alan Greenspan claim the rouble is far from becoming a reserve currency, even on a regional scale, because of the country's "excessive dependence" on oil.

Russia and China have been looking to set up a bilateral currency deal to settle their trade with the rouble and yuan rather than the dollar and the euro.