Russia's ruble fell to a new all-time low of more than 39 to the US dollar on the MICEX. Commenting on the strengthening of the dollar against the ruble, Russian Minister of Economic Development Alexei Ulyukaev said that he thinks the ruble is oversold and is likely to gain ground in the near term.
“I think the ruble is oversold amid a set of circumstances: the third quarter always shows weaker trade balance compared with other quarters. Capital flows, oil prices and other signals make investors doubt Russia's investment climate,” he said.
Ulyukaev also added that the ministry is not going to change its outlook on the ruble exchange rate in 2014 because of the current downtrend.
