The Russian ruble recovered some ground to a one-week high of 74 per USD, as the oil market remains near 2018-highs supported by falling US crude stockpiles and after the International Energy Agency said the market should expect tighter supply for now. Expectations of more interest rate increases from Russia's central bank, with Governor Elvira Nabiullina saying the bank will consider raising its key rate by between 25 and 100 basis points from the current 5.5% at its next rate-setting meeting on July 23rd, also helped the currency. The Russian ruble hit a 2-month low at $75.3 on July 8th, after the finance ministry flagged more foreign currency buying in July and as concerns over surging coronavirus cases at home and abroad tempered risk appetite.
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 July of 2021.
The Russian Ruble is expected to trade at 75.05 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 77.28 in 12 months time.