Russian rouble steadies near 2-week high as end of volatile week approaches

The Russian rouble steadied on Friday, hovering not far from a two-week high hit in the previous session, and is set to gain more than 6% in what has been one of its most volatile weeks all year, with the market on alert for capital controls. The Bank of Russia increased its key rate to 12% on Tuesday, an emergency attempt to halt the rouble's recent slide past the symbolic 100 to the U.S. dollar threshold. Though analysts said more measures may be needed to return the rouble to the 80-90 range authorities have deemed acceptable, subsequent reports that capital controls may be reintroduced seem to have had the desired effect.