“The ruble is one of the most undervalued currencies in the world, and it’s not even about the high price of oil, but about strong fundamental parameters,” Kochetkov said.
According to him, Russia has a positive balance of trade and current account, as well as a small external debt.
According to the expert, over the past few years, the ruble exchange rate has ceased to correlate with the price of oil.
“In fact, the high oil price began to negatively affect the ruble exchange rate.
The more expensive oil is, the more funds are directed by the Russian Ministry of Finance to buy foreign currency, which puts pressure on the ruble, "Kochetkov explained.
Earlier, TeleTrade chief analyst Mark Goykhman named the most vulnerable currencies in the near future and described the factors affecting the ruble.