What a week it's been for Russia's ruble—the currency that was in crisis in December has hit new highs against the dollar and euro to become this year's best performer in foreign exchange markets.
The ruble soared as much as 2 percent against the dollar on Friday to around 50.30, it best level since December. In addition, it jumped as much as 2.5 percent against the euro to around 53.40 per euro, a high for the year.
Analysts said that a stabilization in the price of oil—a key export for Russia—plus relative calm in Ukraine and a perception that Russia's economic outlook is not as bleak as feared help explain the rebound.
"It came as a surprise for everyone, oil is a little higher and the main factor, but doesn't explain the full extent of the rebound," said Liza Ermolenko, emerging market economist at Capital Economics.
"The economy has not collapsed as many people expected, so this may also be a reason for the ruble's recovery," she added.