The Russian ruble stabilized around 93 per USD, recovering from its near six-month low on April 16th, buttressed by prolonged capital controls. Russian authorities extended the presidential decree requiring major exporters to convert foreign currency revenues into rubles from the end of April until the end of 2024. The regulations are likely to remain unchanged, with current rules mandating 43 undisclosed firms to deposit no less than 80% of foreign currency earned with Russian banks, and then sell at least 90% of those proceeds on the domestic market within two weeks. The upcoming end-of-month tax period, when companies convert their foreign income to meet local liabilities also provided ruble support. However, lower prices for the county's key revenue source, oil, and prospects of monetary easing in the second half of 2024 limited the momentum.
The USDRUB increased 0.1775 or 0.19% to 92.1150 on Friday April 26 from 91.9375 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 26 of 2024.
The USDRUB increased 0.1775 or 0.19% to 92.1150 on Friday April 26 from 91.9375 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.