Piotr Matys, Currency Strategist at Rabobank says this is because of the strong correlation between oil and the ruble.
"If you look at the correlation between the oil and ruble, that correlation is quite strong. So the initial thought is it is about oil," Matys told CNBC Friday.
"But it is not only that, the ruble befitted from the rebound in oil prices and also the fact that it is one of the highest-yielding EM currencies right now with the key interest rate at 10.5 percent."
Matys further explained that the Russian currency and the Brazilian real are examples of currencies that have benefitted from strong demand for high-yielding currencies since the start of the year.