A break in the surge of the US dollar, which affected currencies of emerging economies, also fortified the Russian note. The ruble was 0.7 percent stronger versus the dollar (61.77) and earned 0.3 percent to trade at 65.58 against the shared currency.
FOREX sales balanced the negative effect of oil prices’ decline which is the main driver for Russian assets. Brent crude traded at approximately $53 per barrel which is 1.6 percent lower compared to the previous finish.
The country’s economic officials are keeping track of exporters' currency sales to prevent another collapse of the ruble which took place last December.
The currency already recovered over 12 percent versus the US dollar since last month.
This was facilitated by increasing crude oil prices, improved current account excess and central bank loans bolstering foreign currency liquidity. It allowed the central bank to reduce cash rates and stimulate the local economy.
In its recent report, ING Bank stated it believes the ruble will be approximately 52 to the US dollar in one year.
On the other hand, Russian shares bounced back after dropping with oil prices earlier this week.
The RTS index increased 1.5 percent to 824 points. Meanwhile, the ruble-based MICEX was 0.5 percent up at 1,617 points.
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