The Russian ruble rose against the U.S. dollar and euro on the Moscow Stock Exchange on Monday.
By noon, the dollar was trading at 45.6875 rubles and euros were trading at 56.9815 rubles, which is a drop in price of nearly a ruble. One Russian ruble is the equivalent of approximately 0.021 dollars or 0.017 euros.
Financial experts in the country attributed the change to the Central Bank of Russia's rejection of the exchange rate band and the abolition of regular interventions.
“These are events that we see now in Russia; they are absolutely not related to economic factors and mental factors,” Russian President Vladimir Putin said. “All this comes at an appropriate balance. It is opportunistic... ."
Putin called the increase in the ruble's value “a speedy end to the speculative leaps.”
These figures show the first signs of a strengthening Russian national currency since its notable drop last week when it hit a record low. Historically, the dollar and the euro have typically been higher than the ruble.