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Eastern Europe

Don’t Look Now But Ruble Strengthening Against USD

Don't Look Now But Ruble Strengthening Against USD

Image by Юрий Калашнов

With the appointment of a new prime minister and the lessening effects of sanctions against a stubborn Russian Federation, the Russian currency, the ruble, continues a steady strengthening against world reserve currencies, including the US dollar.

As of market close today the currency pair traded at USD/RUB close: 61.54709.

At its low, the ruble traded at approximately 80 to the USD after the negative events of 2014.

A weak currency is not necessarily a problem for the Kremlin as Russia sells its oil in dollars and a weak ruble provide lots of domestic currency for the federal budget.

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