(Reuters] – Monday’s strengthening of the Russian rouble saw it move back toward multi-year highs for dollar and euro against last week. Supported by capital controls, and a upcoming month-end fiscal period, this was possible thanks to Russian capital controls.

The rouble stood at 2.5% against the dollar at the hour 0754 GMT. It was not far away from 57.0750 on Friday, which is its best mark since February 2018.

The euro had traded at 61.38 on Friday, up 2.3% from its June 2015 peak of 59.02 and was close to the highest point it has reached since that time.

The Russian ruble has risen to 30% against the dollar despite the full-scale economic crisis. It is artificially supported, however, by the controls that were imposed late February in order to safeguard Russia’s financial industry after it deployed tens and thousands of troops in Ukraine.

After Western sanctions have been imposed on Russia, nearly half its gold and foreign reserves were frozen by the West, export-oriented businesses are obliged convert their foreign currency revenues to the ruble.

Analysts last week said that the recent rally in the rouble was also due to Russian demand that foreign buyers pay gas in Russian roubles.

BCS Express, in a note, stated that the Russian currency is supported by high foreign currency supply from exporters and high oil prices.

Vedomosti reported that Monday’s Vedomosti Daily newspaper cited sources to report that the central Bank had begun purchasing foreign currency to stop the rouble from uncontrollably strengthening.

According to the central bank, this report does not reflect reality.

Analysts at Promsvyazbank said that if the central bank was to make such intervention, it would have a greater impact on the rouble rates.

However, these news can influence market participants’ behavior and cause a weakening in the rouble.

Russian stock indexes varied.

RTS, a dollar-denominated index, was 2.2% higher to 1,277.2 point. At 2,364.3, the MOEX Russian index, which is based on roubles was 0.4% less.