Russia's central bank warned investors yesterday that rouble appreciation was not a one-way bet as it sought to stem an advance in the currency sparked by rising oil prices and a falling dollar.
In a stark reversal of the sharp sell-off in the rouble a year ago triggered by falling oil prices and worries over Russia's banking system, the rouble has become the best performing major currency against the dollar since the start of September.
The central bank bought $700m yesterday and sold the rouble in a bid to slow the rise of the currency.
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