The rouble will probably be stronger than previously expected but is likely to remain weaker than 60 roubles per dollar, Russia's Economy Minister Alexei Ulyukayev said on Saturday. "The rouble will probably be stronger than we supposed earlier," Ulyukayev told Vesti on Saturday with Sergei Brilev, a current affairs programme on state TV channel Rossiya 1.
"But it seems to me that the base will be 60 (roubles per dollar) plus," he said, responding to a question about what level exporters and the population should expect. The rouble hit a record low of 86 per dollar in mid-January, but has since rebounded to 68.39 on the back of stronger oil prices. Ulyukayev did not say how long he expected the rouble to remain weaker than 60 roubles per dollar, but said the currency would be stronger than previously expected because this year's budget would be more conservative than previously planned.
He said the government would probably revise the budget for this year to assume an average oil price of $40 per barrel rather than $50 per barrel. Ulyukayev also said he expected the international oil market to reach a new balance towards the end of this year, but he expected the oil price to remain no higher than $50-55 per barrel for a "very long" time.