The Russian ruble fell to more than 100 against the dollar on Monday after an economic adviser to President Vladimir Putin said that Russia was interested in strengthening the ruble and that monetary easing was the main reason behind the local currency's depreciation.
The ruble fell to 100.4975 against the dollar in early trading.
Economic advisor Maxim Oreshkin told the Russian Tass news agency that the current exchange rate has deviated significantly from the basic levels, and is expected to return to normal in the near future.
He added, The decline in the ruble complicates the structural transformation of the economy and negatively affects the real income of the population... It is in the interest of the Russian economy that the ruble rise.
The Bank of Russia attributed the ruble's sharp decline this year to the decline in Russia's trade balance. The ruble has lost about 30 percent of its value against the dollar this year. The country's current account surplus fell 85 percent year-on-year in the January-July period.
