"Russia's Wealthiest Man Considers 100-110 Rubles 'Reasonable' for the Ruble's Value Against the Dollar"

Forex - Russia's richest man, Vladimir Potanin, stated on Saturday that an exchange rate of 100 to 110 rubles per US dollar is "reasonable" as it balances the interests of the state and exporters. In an interview with RBC TV, Potanin said, "This range is quite reasonable economically, something the country can live with. It represents a kind of balance between budget interests and the interests of exporters." Following the US imposing sanctions on around 50 Russian banks on November 21, the ruble fell to its lowest level since March 2022. Although the currency has since recovered some of those losses and was set at 103.4305 rubles per dollar as of Saturday, the recent depreciation has intensified pressure on the central bank to continue raising its key lending rate, which is currently at 21%.