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Kremlin says Russian ruble will recover despite current volatility

As of 13:25 Moscow time on Monday, the dollar rate grew to 78.75 rubles, while the euro traded at 91.84 rubles

© Valery Sharifulin/TASS

MOSCOW, September 28. /TASS/. Russian Presidential spokesman Dmitry Peskov is confident that despite the current volatility of the ruble, the position of the Russian currency will be restored.

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"There is, of course, current volatility of the exchange rate. It's hard not to notice it," Peskov said. "After periods when the ruble loses its strength, there are periods when it regains its strength. Another question is how long it would take," he noted.

He added that "this is market volatility, and there is no doubt that the ruble will recover its positions."

As of 13:25 Moscow time on Monday, the dollar rate grew by 0.7% to 78.75 rubles, while the euro rose by 1% and traded at 91.84 rubles.

Earlier, the Ministry of Economic Development explained the weakening of the ruble by an increase in the assessment of geopolitical and other risks by financial market participants due to temporary factors. The ministry expressed confidence that as they decrease, the ruble exchange rate is expected to return to fundamentally sound levels in late 2020 - early 2021. The average annual ruble exchange rate in 2020 will be 71.2 rubles for the dollar, the ministry said.

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