The Russian ruble touched a 7-year high of 47.75 per USD in late June before easing back to the 51 level, as a large inflow of month-end taxes added to Russia’s large trade imbalance and remaining capital controls. Despite Europe’s effort to limit purchases of Russian energy and commodities, large exports to Asia at soaring prices supported the ruble at robust levels. Also, a collapse in importing activity due to sanctions halted domestic demand for the dollar, exacerbating hefty fees and negative interest rates that banks apply on deposits of currencies from “unfriendly” states. Russia’s sovereign bond default did little to pressure the ruble’s momentum, after Western sanctions blocked financial institutions from processing $100 million in Eurobond interest payments that were due in May. While Russia’s economy grows increasingly isolated from the West, the ruble strengthened to the best performing currency year-to-date.
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 June of 2022.
The Russian Ruble is expected to trade at 54.94 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 69.10 in 12 months time.