Putin aide says ruble has begun to ‘over-appreciate’ Bank of Russia says it won’t influence the exchange rate Russia’s ruble headed for its lowest level in a week on speculation policy makers will shut down the currency’s gains as officials echoed a warning by President Vladimir Putin that its appreciation may have gone too far. The ruble erased an advance at the start of trading and headed for a third daily loss after a Kremlin aide said the currency’s strength relative to oil prices endangers the budget and local companies’ competitiveness. The losses deepened even after the Bank of Russia said it’s committed to a free float and won’t influence the exchange rate. The fact that Putin sparked the debate could increase the possibility of a rate reduction when the central bank next meets, according to Union Bancaire Privee. “President Putin’s comments may, at the margin, increase the chance […]