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Russia's Economy Ministry expects ruble to strengthen by end of 2018

On Thursday, the dollar exchange rate dropped below 66 rubles to 65.79 rubles on the Moscow Exchange

© Alexandr Demyanchuk/TASS

MOSCOW, September 27. /TASS/. Russia’s Economic Development Ministry expects the national currency to strengthen slightly by the end of this year against its current level, macroeconomic forecasting department’s director Polina Badasen said on Thursday.

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Ruble rebounds after key rate hike

"We expect a certain strengthening of the ruble’s exchange rate by the yearend considering the decisions that have been taken. Overall, what is happening on the currency market now is the crisis of developing countries’ currencies, while Russia looks far more stable and much better against that background from the viewpoint of fundamental factors," she explained.

The exchange rate of the Russian currency reached this year’s lowest level versus the dollar on September 10, sliding to 70.6 rubles per dollar for the first time since March 2016. Since then, the ruble has strengthened by 6.8% versus the dollar. On Thursday, the dollar exchange rate dropped below 66 rubles to 65.79 rubles on the Moscow Exchange. The euro exchange rate lost 6.1% to 76.9 rubles in the same period.

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