Russian Central Bank Increases Fixed Euro Exchange Rate to 90 Rubles
Weekend, here come the official exchange rates! The Central Bank of Russia has updated the rates for major foreign currencies against the ruble, and it seems like the euro is taking a hit, surpassing the 90-ruble mark.
Dive into the details, and you'll find that the euro rate rose by a substantial 29.76 kopecks, settling at 90.1356 rubles. On the other hand, the U.S. dollar rate inched up by 1.77 kopecks, landing at 78.5016 rubles, and the Chinese yuan nudged up by 4.16 kopecks, reaching 10.9021 rubles.
Now, let's tap into some insider knowledge. Since hitting record highs back in November 2024, the dollar, euro, and yuan have all experienced a significant downturn against the ruble, mirroring an overall strengthening of the Russian currency. The dollar has seen a drop of about 27%, followed by the euro with a 21% decline, and the yuan losing around 26% against the ruble[1].
This surge in the ruble's value is happening even as the Central Bank of Russia has recently started easing its monetary policy by cutting its key interest rate in early June 2025[2][5]. High interest rates in Russia, reduced import demand, and geopolitical factors are among the key drivers for the ruble's strength[5]. Rising optimism about a potential ceasefire, improvements in payment channels for foreign trade, and lower demand for imported goods like cars due to new fees and economic factors are also contributing to the trend[5].
So there you have it! The ruble is currently on a winning streak against the euro, dollar, and yuan, maintaining its strength despite the Central Bank's gradual lowering of interest rates from historic highs[1][2][5].
Businesses in Russia are receiving positive news with the strengthening ruble, as it reduces the cost of imports. The improved finance scenario arises due to the ruble's significant increase against major foreign currencies, particularly the euro, which recently surpassed the 90-ruble mark.
