MOSCOW--The Bank of Russia said Friday it would extend limits on currency swaps in an effort to stabilize the ruble, after the currency hit a record low against the dollar.

Earlier this month, the central bank set a daily limit of $2 billion for currency-swap operations, where banks receive rubles from the regulator using dollars and euros as collateral. This tool drew demand only recently after the central bank withdrew a large chunk of rubles from the interbank market as a result of $30 billion intervention in October.

By extending the limit for the next two weeks, the central bank said it hopes to deter speculators from betting on a weaker ruble.

On Friday, the ruble hit an all-time low of 49.90 against the dollar, after the Organization of the Petroleum Exporting Countries decided on Thursday to keep its production ceiling unchanged at 30 million barrels a day.

OPEC's decision prompted a slide Brent crude oil prices to below $72 a barrel for the first time since mid-2010. The sharp decline in world oil prices poses a substantial risk for Russia, the world's third-largest oil producer, as the government depends on oil and gas sales for around half of its annual budget revenue.

By Andrey Ostroukh at andrey.ostroukh@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires