Russian Ruble Will Recover Despite Current Volatility, Says Kremlin

Russian currency had hit five-year low against euro on Tuesday, amid growing COVID-19 cases.

Sohil Nikam

September 30, 2020

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1 min

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Despite a big dip that the Russian ruble is currently in the middle of, Kremlin is positive that it will recover. Russian Presidential Spokesman Dmitry Peskov has said that despite the current volatility of the ruble, the position of the Russian currency will be restored. He noted, “There is, of course, current volatility of the exchange rate. It’s hard not to notice it. After periods when the ruble loses its strength, there are periods when it regains its strength. Another question is how long it would take.”

Earlier, the Russian Ministry of Economic Development had said that the weakening of the ruble was caused by an increase in the assessment of geopolitical and other risks by financial market participants due to temporary factors. On Tuesday, the ruble had hit an almost five-year low against the euro, while it also fell by 1% to 79.8 against the US dollar. The poor performance of the Russian currency continues from last week when markets were on edge over a surge in coronavirus cases across Europe.

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