The Russian ruble firmed beyond the 74 mark against the US dollar, supported by expectations the Bank of Russia could raise rates by 100bps at its next board meeting on December 17th after data showed domestic inflation surged to 8.38% in late November, nearing a 6-year peak and remaining well above the 4% target. Still, the ruble remains more than 6.5% below its 16-month high of 69.3 touched on October 26th on Western concerns over possible Russian military intervention in Ukraine and lower oil prices. Brent crude oil, a global benchmark for Russia's main export, hovers around $70 per barrel, more than 18% below a 3-year high above $86 reached in late October.
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 December of 2021.
The Russian Ruble is expected to trade at 74.37 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 76.30 in 12 months time.