In February 2023, the real effective rate of the ruble slipped by 5.1 percent from January, according to a report published on the official press service of the Bank of Russia. The briefing clarifies that the real effective rate is derived from the weighted average of exchange rates with Russia’s principal trading partners, adjusted for the inflation rates in those economies, which together influence Russia’s foreign trade turnover.
On a month-to-month basis, the ruble’s real effective rate also showed a notable change against the US dollar, recording a 5.5 percent decrease in February relative to January. In parallel, the real effective rate against the euro dropped by 4.2 percent when comparing February 2023 with January 2023. These movements reflect shifts driven by shifts in trading partner currencies and varying inflation dynamics across major economies that interact with Russia’s external trade flows.
As of 19:10 Moscow time, the Moscow Stock Exchange quoted approximately 75.32 rubles per one US dollar and about 80.68 rubles per one euro, illustrating the currency’s intraday positioning against key international benchmarks. Market observers note that these figures provide a snapshot of the ruble’s relative value in the currency market at that moment, with fluctuations continuing to follow global risk sentiment and domestic policy signals.
Financial sector analysts have offered projections for exchange rate trajectories in the near term. For instance, a well-known market analyst suggested that the US dollar could trade around the 76 ruble level in March, framing the expectation within broader volatility patterns that often accompany currency markets during the transition between winter and spring and amidst evolving macroeconomic data releases.
In a development touching cross-border payments, a report from mid-March indicated that Cuban financial institutions began accepting cards issued by the Russian payment system Mir. The announcement described a feature where the Mir emblem started appearing on ATM screens, signaling an expansion of card acceptance and potential easing of cross-border transactions between Russia and Cuba. This implies growing interoperability between national payment networks and international financial infrastructures, a topic of interest for researchers and policymakers monitoring the reach of domestic payment schemes in global markets. (Source: Bank of Russia press service)