2 Jun 2010 14:25

Potential for linear ruble gains mostly over, future will bring fluctuation

MOSCOW. June 2 (Interfax) - The potential for linear ruble strengthening has mostly been exhausted, and the future will see up and down fluctuation, Deputy Central Bank Chairman Alexei Ulyukayev said in an interview with Interfax.

"I think that generally the potential for this linear strengthening has been exhausted. Now we have arrived at a period of high volatility, meaning movement in the direction of strengthening and in the direction of weakening, and we have seen this for the last couple of weeks. And it seems as if nothing similar will continue further," Ulyukayev said.

"The time is arriving when along with intra-day volatility there will be, let's say, intra-month volatility. In this light, it's becoming awfully hard to predict exchange-rate strengthening or weakening," he said.