Russia's Finance Ministry said on Wednesday it was starting to sell its leftover foreign-currency stock and that it considered the ruble to be undervalued.
Separately, Prime Minister Dmitry Medvedev called on Russia's top exporters to behave "responsibly" and manage their foreign currency revenues in a way that would not boost ruble volatility, the government's press office said. At a meeting with Russian exporters, Medvedev also told First Deputy Prime Minister Igor Shuvalov, along with the central bank, to monitor the flows of foreign currency revenues on the market daily.
The Finance Ministry said it was selling foreign exchange currency from its leftover stocks, of which it has around $7 billion, according to Reuters. The ministry did add in a statement that it considered the ruble "extremely undervalued," however.
A combination of sanctions imposed by the West on Russia for its intervention in the crisis in Ukraine, economic problems at home and the continuous slide in the price of oil have all contributed to the ruble's recent troubles.
The announcement of the intervention immediately sent the ruble higher against the dollar, and after a volatile trading day was up 10 percent versus the greenback.