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.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
