Exchange Rate in Russia
Russia - Exchange Rate (average of period)
Ruble recovers some lost ground though early June
The Russian ruble continued to regain ground against the U.S. dollar over the past month after sliding to a four-year low at the end of March. On 5 June, it traded at RUB 68.7 per USD, which marked a 7.3% appreciation over the previous month. That said, the currency was down 4.9% year-on-year and 9.9% year-to-date.
The ruble’s recent upturn came against the backdrop of gradually recovering global oil prices which regained some lost ground after nosediving to a 20-year low in late April. This, coupled with improving investor sentiment and increasing risk appetite for emerging market assets, supported the ruble in recent weeks, sending it to a near three-month high on 2 June.
Going forward, the ruble is expected to remain close to current levels through year-end, although significant volatility due to the economic fallout from Covid-19 poses significant risk. On the one hand, the Russian economy is set to contract severely from Q2 onwards, weighing on the RUB in turn, with sustained monetary policy easing adding further downward pressure. On the other hand, a more stable global oil market and improving investor sentiment should take some pressure off the currency.
The FocusEconomics panel projects the ruble will end this year at 72.2 per USD, before appreciating to 68.7 per USD by the end of 2021.
Russia - Exchange Rate (aop) Data
|Exchange Rate (vs USD, aop)||61.06||67.05||58.33||62.68||64.75|
5 years of economic forecasts for more than 30 economic indicators.
Russia Exchange Rate (aop) Chart
Source: Thomson Reuters.
|Bond Yield||6.23||0.13 %||Dec 30|
|Exchange Rate||62.03||-0.12 %||Dec 30|
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August 5, 2020
The Russia IHS Markit Services PMI soared to 58.5 in July, from 47.8 in June, marking the best result since July 2008.
August 3, 2020
The Russia IHS Markit Manufacturing PMI fell to 48.4, from 49.4 in June.
July 24, 2020
At its meeting on 24 July, the Board of Directors of the Central Bank of the Russian Federation (CBR) cut the key interest rate by 25 basis points to a fresh record low of 4.25%.
July 16, 2020
Industrial production dropped 9.4% year-on-year in June, improving marginally from May’s 9.6% dive which had marked the sharpest plunge since September 2009.
July 15, 2020
Merchandise exports plummeted 35.5% on annual basis in May (April: -34.5% year-on-year).