Moderation of the rouble's appreciation was the Russian central bank's aim when it purchased between $15 billion and $16 billion on the foreign exchange market in October.

That's according to Alexei Ulyukayev, the bank's deputy chairman, who told reporters the recent strengthening of the rouble had prompted concern in some corners.

"It, of course, causes concern in those sectors of the economy that are connected to import substitution," he remarked to Reuters, pointing out that a strong rouble makes exports more expensive.

Ulyukayev went on to reveal that Russia's net capital inflow for October amounted to around $10 billion, highlighting the growing interest in the rouble – and other assets – among investors in the country.

Since its rally began in early September, relatively high oil prices and growing economic optimism have seen the rouble gain around eight per cent against a dollar-euro basket.

On Thursday this week (5th November), it traded at 35.50 against the basket, while Ulyukayev has predicted monthly inflation of 0.2 to 0.3 per cent for November and December.

Russia's finance ministry revealed this week that the strengthening rouble saw the country's oil wealth funds gain $2.4 billion in value over the last month alone.