The ruble is no longer a one-way appreciation bet for investors, a senior Central Bank official said Friday after the currency fell 1 percent against the dollar-euro basket.

The ruble fell as low as 29.75 versus the basket of 55 cents and 45 euro cents, and the RTS Index fell to a 14-month low, as a conflict between Russia and Georgia over South Ossetia dented market sentiment.

"The period of one-way ruble movement is finishing, risks [of opening long positions in the ruble] have obviously grown," Central Bank Deputy Chairman Konstantin Korishchenko said.

The Central Bank said in a statement Friday that it had carried out only planned interventions in the domestic foreign exchange market in July, which amounted to $24.3 billion and 1.41 billion euros.

Korishchenko said July interventions were carried out at market prices and were not aimed at preventing ruble appreciation or weakening. He said the Central Bank bought foreign currency in July only to replenish the government's oil wealth funds. "The situation in the economy is such that current account currency flows are now comparable with amounts transferred to the budget funds on average during a certain period," Korishchenko said.

The current account flows reflect transactions linked mainly to foreign trade, which in Russia's case is dominated by energy exports. Korishchenko said the impact of current account flows on the currency market was diminishing despite high oil prices.

Current account currency flows are seen as more predictable and stable than flows on the capital account, which include direct and portfolio investment and which play an increasing role in the balance of payments. "Other risks, including political and external risks, stem from [the capital account's volatility]," Korishchenko said. "The risk that Russia will stop receiving export revenues is rather ephemeral; the risk of a surprise [portfolio] inflow or outflow of, say $5 billion, is real."