The Russian currency could strengthen to 26 rubles against the dollar if the oil price rises, the country's Deputy Economic Development Minister Andrey Klepach said Wednesday.
Asked about the effect of a stronger ruble on the recovery of Russia's commodity-driven economy, Klepach said that a rate of "RUB26 to RUB27 against the dollar could be dangerous."
Oil prices were lower early Wednesday as investors took profits after a recent rally triggered by expected demand sent prices to $80 for the first time in a year, analysts said. New York's main contract, light sweet crude for December delivery, fell 47 cents to $78.65 a barrel.