The Russian ruble strengthened towards 93 per USD, recouping some losses after sinking to a near half-year low on April 16th, helped by the upcoming end-of-month tax period, which sees exporters convert their income to meet local liabilities. Elevated prices for oil and other key Russian commodities have also acted as a positive driver, translating into higher foreign exchange earnings for the cpmanies. On the other hand, further rebound was limited since the head of Central Bank of Russia, Nabiullina hinted that the loosening cycle by the CBR was likely to begin in the seconf half of 2024. Previously, the regulator had hiked its interest rates by 850 bps to 16% since July 2023 in an attempt to combat inflation and dampen consumer spending. Now, traders will shift their focus to the government's decision on capital controls expiring at the end of April.
The USDRUB decreased 0.6275 or 0.67% to 93.1525 on Friday April 19 from 93.7800 in the previous trading session. Historically, the Russian Ruble reached an all time high of 150 in March of 2022. Russian Ruble - data, forecasts, historical chart - was last updated on April 20 of 2024.
The USDRUB decreased 0.6275 or 0.67% to 93.1525 on Friday April 19 from 93.7800 in the previous trading session. The Russian Ruble is expected to trade at 95.39 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 104.39 in 12 months time.