The Russian ruble continued to depreciate on Friday to cross 78 per USD, close to its lowest level since early-April and heading for an over 2% weekly drop. Losses came amid low oil prices and risk-off sentiment as the global economic outlook is shrouded in uncertainty. Still, on Friday the benchmark Brent crude traded slightly higher at around $42 a barrel boosted by hopes of further stimulus in the US. Last week, the Russian Central Bank held its benchmark interest rate at 4.25% but left the door open to further interest rate cuts in upcoming monetary policy meetings.
Historically, the Russian Ruble reached an all time high of 85.97 in January of 2016. Russian Ruble - data, forecasts, historical chart - was last updated on September of 2020.
The Russian Ruble is expected to trade at 78.65 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 80.22 in 12 months time.