“In general, the situation is under control”: Putin commented for the first time on the collapse of the ruble

“Overall, in my opinion, the situation is under control. And there is certainly absolutely no reason to panic. Yes, both in our country and in neighboring countries the processes are not easy, but they are under control, everything is going according to plan,” Putin said at a press conference in Astana (cited by TASS).

He added that fluctuations in the Russian currency are determined by "seasonal factors," including payments to the budget and oil prices.

On November 27, the dollar exchange rate on the Forex currency market exceeded 114 rubles, getting very close to 115 rubles. On November 28, the American currency showed a decline: at the time of this publication (17:32 Moscow time) it was trading at 108.1 rubles, 5 rubles cheaper compared to the previous close.

The euro exchange rate on Forex on Wednesday exceeded 120 rubles, but then fell to 113 rubles. At 17:32 Moscow time, the European currency was worth 113.96 rubles, falling by 5.6 rubles.

The ruble began to strengthen after the Central Bank announced that it would not purchase foreign currency on the domestic market until the end of 2024 to reduce volatility. The decision to resume the purchase "will be taken taking into account the current situation in the financial markets," the regulator said.

The trigger for the fall of the ruble was large-scale sanctions against the Russian financial sector, said experts interviewed by RB.RU. According to them, there is no point in waiting for the dollar to return below 100 rubles. "Three-digit levels of the dollar/ruble exchange rate are seemingly eternal," said Finam financial group analyst Alexander Potavin.