The Russian ruble fell from a 3-week high to cross $74.2 on Friday, pressured by the possibility of fresh sanctions from the European Union and lower oil prices. Russia’s foreign ministry said the country was ready to cut ties with the bloc if new sanctions are imposed in some sectors that create risks for the country’s economy. Oil prices failed to hold onto gains and receded from an over one-year high on the back of a reduced demand forecast from OPEC and IEA. On the monetary policy front, the Central Bank of Russia held rates steady at a record low and signaled it would not consider further rate cuts. Meantime, the finance ministry unexpectedly announced a reduction in foreign currency purchases in February.
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 February of 2021.
The Russian Ruble is expected to trade at 74.34 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 75.83 in 12 months time.