Oreshkin predicts ruble to weaken soon and then stabilize

The strengthening of the Russian currency is short-term, and it may slightly weaken in the nearest future and then stabilize, the Russian Economic Development Minister Maxim Oreshkin said after meeting the President Vladimir Putin.

"We assume that the strengthening [of the ruble] is short-term and is not related to fundamental factors. On the whole we expect a slight weakening of the ruble in the nearest future, after which it will stabilize," TASS cited him as saying.

The government would react promptly in the event of the Russian currency's further upward movement, the minister added.