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Ruble's rise not result of currency speculation: Russian finance minister

Xinhua, April 25, 2015 Adjust font size:

Russian Finance Minister Anton Siluanov said Friday that the recent recovery of the Russian ruble may be the result of growing confidence in the currency rather than short-term speculative activity.

Speaking in Russia's northern capital St. Petersburg, Siluanov said those who had previously invested in the ruble were now returning.

"Both the general population and the business community are seeing that the ruble has bottomed out," Siluanov said, adding that the currency had "found its equilibrium" and would stay at current levels or even strengthen further over the coming months.

Siluanov had recently suggested that the ruble had recovered suspiciously quickly after plummeting in 2014. The currency's recent volatility has been widely blamed on irresponsible speculative activities by currency traders as well as macroeconomic and geopolitical factors.

The ruble is currently trading at 56 to the euro and 51 to the U.S. dollar. Endite