The Russian ruble strengthened against the dollar on Monday after President Vladimir Putin said there were no "fundamental economic reasons" for the currency's slide, but analysts -and the country's central bank -- beg to differ. Speaking at an Asia Pacific Economic Cooperation summit on Monday morning, Reuters reported, Putin said he was hopeful that speculation against the ruble would stop soon. The currency has slumped almost 30 percent against the greenback this year. A decline in oil prices and Russia's conflict with Ukraine that have led to Western sanctions on Russia, which have hit the economy as well as investor confidence in the country.
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