Russia expects no more “significant fluctuations” in the ruble exchange rate following its recent depreciation versus the U.S. dollar, Finance Minister Anton Siluanov told Echo of Moscow radio station today.
The Russian currency weakened as much as 15 percent in the last month, according to data compiled by Bloomberg. It cost 33.68 rubles to buy one dollar on June 1 versus 29.4020 rubles per dollar on May 2.
If the ruble-weakening trend prevails long-term, it may boost prices of imported goods and increase inflation in Russia by as much as 1 percentage point, Siluanov told Echo.
To contact the reporter on this story: Ilya Khrennikov in Moscow at email@example.com
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org