Deputy Prime Minister for Economic Affairs Maxim Oreshkin indicated that the ruble may continue to gain strength, yet substantial deviations from its present level are not anticipated. This assessment was reported by Komsomolets of Moscow.
Oreshkin explained that the ruble’s adjustment reflected renewed consumer and investment activity, which boosted the appetite for imported goods priced in foreign currency. He also noted that declines in oil prices contribute to pressure on the ruble, complicating the currency’s trajectory in the near term.
In trading on November 21, the dollar and the euro reached their lowest marks since late June. The dollar dipped below 88 rubles while the euro slid to 95.67 rubles. Market observers suggested the dollar could continue to ease toward 85 rubles in coming sessions.
Financier Alexander Losev pointed out that mitigations implemented by the government and the central bank played a role in the ruble’s recent moves, with forecasts suggesting further strengthening in the near term. Some analysts even expect the dollar to trade in a band around 80 to 85 rubles in 2024, should current conditions persist.
Earlier remarks from Mishustin cautioned against excessive optimism, emphasizing a careful, balanced view of the ruble’s prospects amid evolving economic signals and external pressures.