Ruble to weaken by year-end, Sberbank says

Sberbank expects the Russian currency to weaken by the end of the year. The bank believes the exchange rate could reach around 90 rubles per dollar by the New Year.

The ruble will weaken by the end of the year, Taras Skvortsov, Deputy Chairman of the Management Board of Sberbank says.

"We do expect a certain weakening of the ruble by the end of this year. As for the level, it's difficult to say right now, but generally speaking, it'll be around 90 rubles,”

– Taras Skvortsov said.

In September, Sberbank CEO Herman Gref also predicted the ruble’s weakening. He noted that a weaker ruble would reduce exporter risks and help balance the Russian budget.