Russian RubleQuote - Chart - Historical Data - News

The Russian ruble weakened to 73 per dollar from the three-year high of 70 in late May as the deteriorating fiscal backdrop momentarily offset the support from capital controls and elevated energy prices. The Bank of Russia projected that fiscal policy will be more accommodative than expected in the upcoming three years, as the federal government continued to increase its bond supply to finance the costly war in Ukraine and subsidies for industries that have been hampered by sanctions from the West since 2022. This trimmed gains from the surge after the war in the Middle East lifted energy prices and drove major energy consumers to turn to Russia for supply alternatives. On top of that, the series of sanctions and the slowdown in the Russian economy limited domestic demand for foreign goods, hampering the purchases of foreign currency that further strengthened the ruble. The Russian GDP contracted by 0.2% annually in the first quarter.

The Russian Ruble touched 69.90 against the USD, the highest since February 2023. Over the past 4 weeks, US Dollar Russian Ruble lost 6.27%, and in the last 12 months, it decreased 12.01%.

The Russian ruble strengthened to 71 per USD in May, its highest in over three years, as higher energy prices increased the influx of foreign exchange in the Russian financial system. Oil and gas prices surged since the start of March after the outbreak of war in the Middle East suspended energy exports from the region, lifted prices of key commodities, and drove major energy consumers to turn to Russia for supply alternatives. The jump in exports was consolidated by the Russian trade surplus rising to its highest in two years in March. On top of that, the series of sanctions and the slowdown in the Russian economy limited domestic demand for foreign goods, hampering the purchases of foreign currency that further strengthened the ruble. Meanwhile, the Bank of Russia signaled it may be done cutting rates as pro-inflationary risks remain.