OREANDA-NEWS. December 08, 2009. It had become abundantly clear that the Dubai crisis would not have immense consequences for Russia’s economy, as the ruble seemed to have weathered any significant fallout. Last week the ruble remained in a fairly stable corridor of 35.7-36 against the bi-currency basket, beginning the week 35.68 and closing Friday at 35.97. Meanwhile, the greenback stood at 29.43 gaining from favorable situation on the global markets which appeared after employment data from US, reported the press-centre of OTKRITIE FC.

View: We regard such developments as neutral to slightly positive, believing that a weakening of the ruble would be more appropriate given the current economy, though stability is certainly an encouraging factor.

The currency market will likely be stable, both in the short- and in the long-run. However, the economy is plagued by increasing uncertainties, such that certain political decisions by global central banks and monetary authorities could result in sharp movements in ruble exchange rates.