Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
Putin spooked forex markets on Tuesday after he told Prime Minister Dmitry Medvedev to monitor the ruble’s movement while the price of crude remains volatile. Echoing that warning, Andrey Belousov, the aide to Putin, said the currency’s strength relative to oil prices endangers the budget and the competitiveness of local companies.
Rise in the Russian currency is working against the country’s exports. With domestic demand still weak in Russia and economic activity mainly supported by exports, further currency gains would also undermine the competitiveness of Russian companies.
Putin’s remarks on Tuesday sent the ruble to its biggest tumble in almost a month. The USD/RUB is seeing a steady 3.37 percent rise from 62.64 levels on Tuesday to a high of 64.76 on the day. On Thursday, the Bank of Russia said it’s committed to a free float and won’t influence the exchange rate. The ruble continues downside despite the flurry of statements from CBR officials.
“If the central bank tries now to push the ruble weaker, that would increase money supply, raise inflation pressure and in fact amount to an about-face in the entire policy,” said Vladimir Tikhomirov, chief economist at BCS Financial Group, a Moscow brokerage. “That’s why I doubt that the central bank will move in this direction.”
The statements pointed to a disagreement between the central bank and the government in decisions over what’s best for the economy. While the central bank seems to be reluctant to intervene directly in the FX market, it may still lower the key rate at its upcoming meet next Friday.
