The ruble strengthened against the euro Wednesday, going below the 47-ruble mark for the first time since January 24 and sparking speculation that the Russian currency’s weeks-long decline may be ending.

The euro exchange rate dropped to 46.98 rubles in “tomorrow” trading at 1:49 p.m. Moscow time, according to Moscow Exchange data. The dollar also fell – to 34.73 rubles.

The dual currency basket (55 percent dollar/45 percent euro) dropped in value by 29 kopeks to 40.25 rubles since the previous day’s closing.

The ruble’s value has fallen by more than 5 percent since the New Year on concerns of a stagnating national economy and souring global investor sentiment regarding emerging market stocks in general.