The ruble was trading on Friday at 31.3 rubles to the two-currency basket on MICEX, against 31 on Thursday. The Central Bank simultaneously raised the refinancing interest rate from 12% to 13%.
This is the third time this month that Russia has allowed the ruble to weaken. Previously, on November 11 and 24, the Central Bank widened the technical currency band by 30 kopeks on both sides.
Analysts say the bank's measures, which used around $2.5 billion on Friday to prop up the ruble, are ineffective in the current financial climate.
"The process of step-by-step depreciation is counterproductive and cannot solve the problem of the weakening of fundamental support for the ruble," said Vladimir Osakovsky, of UniCredit Aton, warning that the prospect of further currency depreciation would fuel capital flight.
Russia saw $50 billion net capital flight in October as anxious investors took funds out of the country amid the global financial crisis.
But Central Bank Chairman Alexei Ulyukayev said net capital flight was expected to decline significantly in November against October.
