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Ruble to Strengthen

Ruble to StrengthenRuble to Strengthen

The Russian ruble, which hit record lows against the US dollar and euro this week, will strengthen its positions in the near future, Russian Economic Development Minister Aleksey Ulyukaev said. “The [ruble’s] exchange rate has long passed the price that can be called the ‘equilibrium price.’ In this sense, I think that the ruble really is oversold, and one can expect the ruble to move in the opposite direction in the short term,” RT quoted Ulyukaev telling journalists in Beijing, China, where he had arrived for the 25th APEC summit.  The ruble reached a record low of 48.65 against the dollar and 60.27 against the euro on Friday.

Financialtribune.com