The rouble was mixed in volatile Moscow trade today, gaining against the dollar but falling against the euro, as investors assessed conflicting signals about the economic and geopolitical outlooks.
Overnight, ratings agency S&P cut Russia's credit rating deeper into junk territory, less than a week after dropping it from investment grade.
This comes as international sanctions over the war in Ukraine ramped up chances of a default.
There were signs of tentative progress in talks between Russia and Ukraine yesterday, with the countries agreeing on the need for humanitarian corridors to help civilians escape Russia's invasion, but no major resolution.
"Uncertainty lingers - the negotiations thus far have failed to deliver a breakthrough," BCS Global Markets said in a research note.
The rouble was more than 3% stronger against the dollar at 102 this morning having earlier neared the record low of 118.35 it hit yesterday.
Against the euro, the Russian currency weakened 2% to 120.
The Moscow Exchange's stock section remained largely closed today, a fifth day of restrictions imposed by the central bank.
The Russian central bank today lowered the commission on foreign exchange purchases by individuals via brokers to 12% from 30%.
Analysts said the move to hike the commission to 30% for purchases of currencies like the dollar, euro and British pound had led to a surge in demand for other currencies like the Chinese yuan and Japanese yen.
In another move to try to stabilise wildly fluctuating markets, the Moscow Exchange also today imposed a ban on short selling of euro currency and stock instruments.
