Russian Ruble Strengthens against U.S. Dollar, Dropping Dollar Rate below 88 Rubles.
Latest Currency Exchange Rates Updates
Flick through this quick rundown of today's happening in the currency market.
As of 15:48 Moscow time, here's the deal:
- The almighty greenback is trading at 88.35 rubles (-1.44%). It dipped down to a rock-bottom of 87.87 rubles, while the ol' European currency plummeted to a low of 91.49 rubles. As of 15:49 Moscow time, the latter was trading at 92.2 rubles (-1.28%).
Official exchange rates, according to CB website:
- The dollar's official exchange rate on February 20 is set at 90.42 rubles.
- The euro's official exchange rate for the same day is 94.08 rubles.
Analyst’s Prediction:
SberCIB analysts predict a 10% rise in the ruble since the year began. They foresee the ruble hitting an impressive 85 per dollar in the near future, thanks to a decrease in geopolitical tension and an increase in foreign currency sales by exporters. The predicted average dollar rate for the first quarter of 2025 is 90 rubles, with the year-end figure estimated to touch 105 rubles.
Recent Geopolitical Developments:
On February 18, a powwow between Russian and American delegates took place in Riyadh. Lavor, Ushakov, and Dmitriev led the Russian contingent, while Rubio, Waltz, and Biegun represented Team U.S. Putin lauded the talks, mentioning that both camps agreed to reinstitute the status of their embassies in Washington and Moscow. Other agreements including a mechanism for consultations to iron out tensions and a team of bigwigs to straighten out the Ukraine conflict were brokered.
Ahead:
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- SberCIB analysts have agreed that the ruble may strengthen by 10% since the beginning of the year, reaching an average of 85 rubles per dollar in the near future, primarily due to a decrease in geopolitical tension and an increase in foreign currency sales by exporters.
- Despite the current dip, the official exchange rate for the euro, as of February 20, is relatively high compared to the ruble, standing at 94.08 rubles, according to the Central Bank's website.
- In the financial sphere, there has been a consensus among experts that the average dollar rate for the first quarter of 2025 is expected to be 90 rubles, with the year-end figure potentially touching 105 rubles.
