For some analysts, though, ruble strength could now pose a big threat to fledgling economic stabilization.
The ruble, which is up 37 percent from an intraday record low hit against the dollar in December, threatens to inflate Russia's budget deficit by reducing oil revenues in local currency terms.
"Having absorbed the shock of massive devaluation at the back-end of last year, you take pain up front – you get the inflation shock, you get the interest rate shock, then you stabilise and you try to enjoy the gains over a long period," said Christopher Granville, managing director of Trusted Sources, an emerging markets research firm.
"The trouble is that you can get the worst of both worlds and this is the risk that Russia faces – it took the pain of devaluation and now it may miss out on the gains if the bounce back is too rapid," he said. (Tweet This)
"Even beyond that, massive swings in the exchange rate are bad for business."
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