Following days of losses, the rouble strengthened against the dollar this afternoon after Russia's central bank outlined a range of measures to boost the countrys ailing banking sector.

Among the measures put forward, the bank said it planned to freeze the valuation of banks' securities portfolios at the previous quarter, abolish caps on the amount banks are allowed to charge for loans, and ease the pressure on banks to report falls in capital ratios. From 7 January, caps on interest rates for consumer loans will be abolished altogether.

The rouble fell to 60.5 per dollar, down from 67.9 at yesterday's close.

The RCB also said it will recapitalise credit institutions next year, in partnership with the Kremlin, and that banks will be offered more opportunities to buy foreign exchange at official auctions. It will also offer more support to the Moscow Stock Exchange.