The Russian ruble edged up against the dollar and euro on Friday, after falling the previous day when the central bank announced it had started buying foreign currency to replenish its reserves.
The ruble was up 1.32 percent against the dollar, and last traded at 49.37 ruble. The Russian currency rose 1.05 percent against the euro to trade at 56.51.
The ruble fell sharply on Thursday in response to the central bank's decision to purchase $100-200 million in foreign currency each day, a sign it thinks the ruble has strengthened enough.
On Friday, the central bank said it had purchased $181 million in foreign currency on May 13, the first day of these interventions.
Analysts said on Friday that although the central bank's announcement had been negative for the ruble, the market reaction was proving relatively muted.
"It's worth noting how the pressure on the rouble has exhausted itself," senior Forex Club analyst Alena Afanasieva said in a note.
"Investors began to sell the Russian currency as a reflex reaction, but after analyzing the situation more deeply came to the conclusion that in fact replenishing reserves will serve to stabilize the Russia economy."
--CNBC.com contributed to this report.