MOSCOW (Dow Jones)--A high-ranking Russian official said Monday he sees a volatile euro and a stable dollar in 2012. "The probability of a stable dollar exchange rate against other currencies is high, but such an optimistic outlook doesn't apply to the euro," Deputy Finance Minister Sergei Storchak said Monday. Storchak says he keeps about half of his savings in Russian rubles and the other half in dollars. The ruble will probably fluctuate around the level of about 31 to the dollar next year, Storchak told reporters in Moscow. He added that he sees no risk for the ruble stemming from the recent series of anti-government mass protests in Moscow and other Russian cities. Political risks have been cited by central bank officials and analysts as a factor behind downward pressure on the ruble in December. Storchak said he sees the country's stock market and the ruble exchange rate fluctuating around current levels for most of 2012. Russia's former finance minister Alexei Kudrin has long advised Russians to spread their savings equally between euros, dollars and rubles. "Probably, he travels to Europe more," Storchak said when asked about the difference with his former boss. "I see the euro as more volatile and less liquid than the dollar", he added. Russia has the world's third-largest foreign-exchange reserves, with the biggest proportion in dollars and a significant proportion in euros. The European Union is by far Russia's biggest trading partner, and the central bank manages the ruble's fluctuations against a basket of dollars and euros. On Monday, the ruble weakened slightly to 31.2020 against the dollar on the Micex exchange. The Micex shares index was up 1.0% at 1,412.14 points. -By Alexander Kolyandr, Dow Jones Newswires; +7 495 232-9192, alexander.kolyandr@dowjones.com (William Mauldin in Moscow contributed to this article.)

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