Russia's Central Bank said Monday it has allowed the ruble to weaken by widening its trading band against other currencies. That is the second time in just two weeks the bank has done so.

A Central Bank spokeswoman said it was a "technical decision" to widen the ruble's trading band by 30 kopecks. As of 1: 30 p.m. (1030 GMT), the ruble was trading at a value of 30.87 against a basket of currencies comprising the dollar and the euro. The Central Bank uses this basket of currencies to establish a value for the ruble that it deems appropriate.

The Central Bank eased its hold on the ruble earlier this month, allowing the national currency to drop by 1 percent to trade at around 30.70 against the basket. The news immediately prompted fears that the currency was heading for a steep devaluation.

The ruble has come under intense pressure in recent weeks as investors pull money out of the country and oil prices collapse. Many Russians have transferred some of their ruble savings into foreign currency out of precaution.

The government has spent billions of dollars in international reserves defending the ruble since August. The country's vast reserves have plummeted by nearly $145 billion, to about $450 billion as of Nov. 14.

Source: AP