Russian markets looked forward to a make-or-break week with optimism rising yesterday in hopes that the IMF and parliament would take decisions to support the government next week.
Shares climbed 7 per cent on relatively strong volume, while yields on longer-term fixed income fell.
But the central bank admonished commercial banks for buying dollars as the rouble stubbornly moved outside the central bank's daily band, indicating substantial nervousness.
"The threat of devaluation has receded, but it hasn't been killed," said Mr Maxim Budantsev, a share trader at Moscow's RNKB.
Higher volumes on the major markets were some of the best signs of increasing interest in Russia after weeks of jitters, though traders said most of the activity was still among locals anticipating a rally next week.
The International Monetary Fund's senior Russia expert Mr John Odling-Smee arrived in Moscow yesterday for loan talks, and the State Duma, the lower house of parliament, is due to take a final look at a government anti-crisis plan next week.
Analysts were uncertain how the market would react if the IMF offered a smaller-than-expected share of the $10-15 billion programme, as Russian officials have indicated to Western media.
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