Related: Time to Consider This Emerging Market "The Central Bank of Russia in June cut interest rates by 0.5 percentage points as inflation remained steady despite an anticipated acceleration. SEE MORE: Examining Russia ETFs Gains for Russian stocks have been arriving against the backdrop of a weaker ruble and the currency now looks inexpensive against developed and emerging peers. "The Russian ruble has fallen nearly 23 percent from its highs in late January, first dipping below the dollar in March and continuing a general decline into August," reports CNBC.