The Russian rouble has rebounded this week, after dipping below the 39 mark versus a euro-dollar basket on Monday for the first time since March. Central bank interventions and a temporary rise in oil prices have been credited as factors that have strengthened the Russian rouble to 38.63 from 39.03 in the first few minutes of trade, according to data from Reuters.

The Russian central bank has, indeed, claimed that it would not be worried if the rouble were to weaken to 35 per dollar. Gennady Melikyan, First Deputy Chairman of Russia’s central bank, believes the bank should not make significant cuts in interest rates and said: “I see nothing frightening if the rouble is not at 31-32 per dollar but at 35.” Melikyan is responsible for banking supervision at the Bank of Russia but does not directly oversee the exchange rate policy. He added that he was not taken aback by the recent fluctuations in the strength of the Russian rouble, given the parallel fluctuations in the oil market.

VTB Capital said in a research note: “Exchange rate stability is still the government’s priority, in our view. But were oil prices to continue falling, the central bank might allow the rouble to weaken to 41 against the euro-dollar basket.”

It could be some time before the rouble stabilises: Russia’s draft 2010 budget will be based on the average annual price of oil at $55 per barrel and predicts economic growth next year of just one percent.