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Russian Finance Minister Suggests Ruble Is Undervalued

Finance Minister Anton Siluanov said on Tuesday that the ruble's current exchange rate corresponded to an oil price significantly below $60 per barrel, suggesting the currency was undervalued.

Siluanov also told journalists that the ruble could find equilibrium next year at below 45 rubles per dollar, if prices for oil were at $80 per barrel and the Central Bank kept on conducting its foreign exchange repurchasing operations.

On Tuesday, the ruble traded some 3.6 percent lower on the day against the dollar at 53.07, while Brent oil fell below $72 a barrel.

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