The Russian ruble recovered to $73.7 per USD, not far from a 7-week high of 73.425 hit on May 10th, as oil markets resumed a rally to over 2-month highs on fuel demand optimism. Meantime, Russia has about 100,000 soldiers deployed near its western border with Ukraine despite pullback order. According to a Kremlin aide, the Putin-Biden summit is possible to happen in June, but the Kremlin has said that Russia and the US had not yet agreed on a date and a place for the meeting. On the monetary policy front, the Central Bank of Russia raised interest rates by a bigger than expected 50 bps and left the door open to further increases over the coming months to contain inflation.
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 May of 2021.
The Russian Ruble is expected to trade at 74.21 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 75.70 in 12 months time.