"The finance
ministry considers the ruble extremely undervalued and is starting to sell its
left-over currency on the market," spokeswoman Svetlana Nikitina said. She
did not give details of the amount.
The ruble rose in
value after the announcement by the ministry to 81.61 to the euro and 65.15
rubles per dollar.
"We'll do it
for as long as it is needed," deputy finance minister Alexei Moiseyev was
quoted as saying by Interfax news agency.
The finance
ministry said it has around $7 billion at its disposal to prop up the currency.
It was not going to crack open a rainy day fund.
The intervention by
the finance ministry comes after Russia 's central bank has spent
more than $10 billion from its currency reserves to prop up the ruble since the
start of the month.
At an emergency
meeting on Tuesday the Russian government came up with a list of measures to
stabilise the situation, economy minister Alexei Ulyukayev said.
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