The Russian ruble fell to a new record low against the euro before regaining some of that ground.
The ruble sunk as low as 48.76 against the euro on January 30 but recovered to 47.22.
The ruble's weaking came amid speculation that the Russian Central Bank may delay plans to free-float the currency in 2015 because of its recent decline.
The ruble has shed more than 6 percent of its value against the euro-U.S. dollar currency basket since the start of the year.
The Russian Central Bank has pledged to launch unlimited foreign exchange interventions if the ruble exchange rate goes down further.
Based on reporting by Interfax and AFP