Rouble strengthens as market anticipates possible capital controls

The Russian rouble strengthened to 93 against the dollar on Thursday, in a volatile week filled with speculation over how the authorities might stabilise the currency after a 350-basis-point rate hike appeared to have only a limited effect.

The Bank of Russia increased its key rate to 12% on Tuesday, an emergency attempt to halt the rouble's recent slide past the symbolic 100 threshold, but analysts said more measures may be needed to return the rouble to the 80-90 range authorities have deemed acceptable.

By 1005 GMT, the rouble was 1.8% stronger against the dollar at 92.92 , earlier clipping a two-week high. It had reached a near 17-month low of 101.75 against the dollar on Monday.

The rouble had gained 2% to trade at 101.07 versus the euro . It had also firmed 1.7% against the yuan to 12.69 .