rouble

"The creditworthiness of chemical companies would benefit the most from a weaker rouble, as at least 50% of their revenues are in US dollars, while their cost bases are mainly in roubles," said Denis Perevezentsev, a Moody's senior analyst.

Moody's noted that there is a risk that the rouble may fall further given the growing geo-political uncertainties.

As we demonstrate in this note, the rouble has maintained a rather tight correlation with the oil price over approximately the past 10 years.

Rouble appreciation bodes well for rouble-denominated bonds.

Yesterday, however, there were the first stirrings of a rouble recovery on the streets of the Russian capital.

And the rouble's return to convertibility - essential for the functioning of the Russian economy which relies on imported goods - was also reflected in electronic trading between banks.

Russia is seeking to turn its rouble into a regional reserve currency as one way of combatting volatility brought on by its dependence on world oil prices and, as a result, the dollar.

Belarus, which accounts for almost 5 percent of Russian exports, devalued its rouble by 20 percent on Jan.