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    People walk below a board showing currency exchange rates, with a mannequin seen behind a shop window, in central Moscow, December 18, 2014.

    Russia's Economic Challenges Part of Global Trend: Indian Minister

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    India's Minister of State for Finance stated that the current Russia's economic difficulties are a part of a global trend and will stabilize over time.

    NEW DELHI, December 18 (Sputnik), Bijendra Singh — Russia's economic woes are a part of a global trend that will stabilize over time, India's Minister of State for Finance told Sputnik on Thursday.

    "It is a difficult situation for Russia, but they have an able and strong leader under President [Vladimir] Putin, who will rise to the occasion and come up with appropriate measures that are required to stabilize their currency," Jayant Sinha told Sputnik.

    The minister stressed that the global economy will always "face challenges because of unique circumstances," bringing to mind Turkey's, South Africa's and Argentina's currency woes of recent history. The minister also brought up India's own difficulties in September 2013, when the rupee hit an all-time low of 63 against the dollar before bouncing back the following month.

    "And now, it's Russia's turn," the minister of state said, reassuring that the global economy "is capable of buffeting" current difficulties and "smoothen things down" down the road.

    Russia's economy is heavily dependent on the global oil trade and energy prices, taking hits as crude oil traded at five-year lows of $54 per barrel early on Wednesday. The ruble slid to a record-low of 80 to the dollar and 100 to the euro on Tuesday, despite the Central Bank's urgent measures in an effort to stem depreciation and stabilize the currency.


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