The Russian ruble has difficulty to find foothold. After falling head over heels earlier this week strengthened the currency today – but then fell again. At 10.15 traded the Russian ruble at 68:72 against the dollar after the strongest have been trading at 62:48 due to news that the Russian government support bought rubles. About a year ago, cost one US dollar around 30 rubles.
According to a statement from the Ministry of Finance has estimated 7 billion US dollars available for sale, and they will sell as long as necessary to strengthen the economy and currency – pushed by, among other sanctions as a result of Ukraine conflict and the sharp drop in crude oil prices.
Recent escape from Russian assets and the ruble collapse has stegrat expectations that Russia will to introduce some form of capital controls. After an emergency meeting on Tuesday dismissed Russia’s Economy Minister Alexei Uljukajev such speculation, saying that Russia is not considering implementing currency controls. He further said that the current situation is “very difficult” and that the country is planning measures to boost liquidity.
On Wednesday called Russian Prime Minister Dmitry Medvedev, according to Bloomberg News, the ruble for undervalued and stressed that it must be order on the foreign exchange market but that situation where largely depends on how the Russian export companies have acted.
However, no tough regulation of the currency market without measures should be based on market mechanism, believes Dmitry Medvedev.
Sergei Shvetsov, First Vice-Governor of Russia and is responsible for the supervision of financial markets, said there is a “critical” situation reminiscent of when it was at its worst during the financial crisis of 2008.
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