Well, today the Central Bank of Russia lowered the key rate from 11 to 9.5%, let's see how effective this measure will be in order to stop the further strengthening of the ruble.
Interest rates around 10% are considered pretty high. Having high interest rates in combination with a heavily regulated and manipulated currency market means that:
1.The national currency will have high value. Countries with higher interest rates have higher valued national currencies.
2.The national currency isn't fully convertible into foreign currencies, which means that the current market value isn't the actual value of that currency. Nobody knows the actual value of the Russian ruble.
I really wish the European Central bank to slowly raise the interest rates to levels around 10%, this would definitely make the euro more expensive, which might make the gas and oil import cheaper.