Russian Ruble (2024)

FAQs

Why is the ruble so strong right now? ›

The rouble has strengthened sharply since a President Vladimir Putin decree on the mandatory sale of foreign currency for certain exporters was announced last month. The central bank's sharper-than-expected rate hike to 15% in late October also helped the rouble hit a three-month high of 91.6225 this week.

The Russian Ruble price prediction for next week is between $ 0.026267 on the lower end and $ 0.030212 on the high end. Based on our RUB price prediction chart, the price of Russian Ruble will increase by 15.02% and reach $ 0.030212 by Jun 17, 2024 if it reaches the upper price target.

Russia's currency is losing value, falling 40 percent against the U.S. dollar since December 2022. To stabilize the currency, the Russian central bank held an emergency meeting in August and raised interest rates from 7.5 percent to 11 percent.

Ruble is historically undervalued to USD by about 30% because the Russian government believes it shouldn't have a budget deficit and weaker currency helps to exploit the taxation of exports nominated in foreign money for that purpose.

GDP: Russia's Economy is Falling Behind

Following its invasion of Ukraine and the imposition of U.S. and partners' sanctions and other economic measures, Russia's economy in 2022 contracted by 2.1 percent (Figure 1),^[ii] with record-high energy exports cushioning what would have been a far deeper contraction.

The highest-valued currency in the world is the Kuwaiti Dinar (KWD). Since it was first introduced in 1960, the Kuwaiti dinar has consistently ranked as the world's most valuable currency.

Buying rubles makes sense only if you are going to do business in or with Russia. As a reserve currency it's not a good option as it has been losing value against the dollar for three decades.

Under the stress scenario, the ministry forecasts that the rouble would cross well beyond the 100 threshold by 2025, averaging 106.9 that year, and sink to 120 per dollar by 2027.

The rouble has charted a turbulent course since Russia invaded Ukraine in February 2022, slumping to a record low of 120 against the dollar in March last year before recovering to a more than seven-year high a few months later, supported by capital controls and surging export revenue.

What is the future of the Russian Ruble? ›

The Russian Ruble is expected to trade at 92.22 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 96.17 in 12 months time.

The ruble has lost over a third of its value against the dollar since the start of this year as the grinding cost of the war in Ukraine takes its toll on Moscow's export-oriented economy, which can no longer count on surging oil and gas revenues.

As of July 2020 an average price of Big Mac in Russian McDonalds is 135 rub.

Rising crude prices have also played a role: Oil is one of Russia's main revenue sources, and the nation has pushed for energy exporters to sell their foreign-exchange earnings for rubles on the currency market. Russian central bankers have also moved to dump foreign currencies.

Moscow has imposed capital controls to prop up its currency, a similar move to the one that saved the rouble from collapsing in 2022 right after its full-scale invasion of Ukraine.

Rising crude prices have also played a role: Oil is one of Russia's main revenue sources, and the nation has pushed for energy exporters to sell their foreign-exchange earnings for rubles on the currency market. Russian central bankers have also moved to dump foreign currencies.

There is no best time to buy Russian Ruble. Currency markets are incredibly complex and therefore unpredictable. GBP / RUB rates change constantly. The best time you can buy Russian Ruble is when it is convenient and you are happy with the service and rate.