Russia's richest man sees rouble at 100-110/dollar as 'reasonable'

According to Russia's wealthiest billionaire, Vladimir Potanin, a 100 to 110 rouble per us dollar exchange rate is "Reasonable."

He said that level meets the needs of both the government and exporters.

After fifty Russian banks were sanctioned by the US On November 21, the currency fell to its lowest level since March 2022.

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The recent decline has put further pressure on the central bank to continue raising its benchmark lending rate. The rate is already at a record 21 per cent.

While the currency has pared some of those losses since then, it was last trading at 103 per dollar.

Russian exporters have seen financial transactions and logistics made more complex due to Western sanctions.

Potanin said, the range "Is something quite reasonable in economic terms, something that the country can live with."

He added, "This is a kind of balance between budgetary interests and the interests of exporters."

(With inputs from the agencies)