The ruble slid past the 70-per-dollar mark while the euro dipped below 75 per unit, returning to where it stood at the start of 2023. This is reflected in data from the Moscow Exchange, illustrating how currency markets have shifted back to a familiar level after a period of volatility.
The American currency traded at 69.77 rubles at 12:42 Moscow time, down 2.35 rubles from the prior level. The European currency followed, falling 1.22 rubles to 74.95 rubles. These movements underscore ongoing fluctuations in the Russian currency pairings, even as the broad trend appears tethered to end-of-year expectations and the evolving external environment.
Earlier, Alina Rozentsvet, head of the National Ratings Agency, suggested that the ruble could settle around 75 rubles per dollar, indicating a balance that many analysts view as aligned with the country’s economic footing and trade dynamics. Her forecast points to a range where the currency may stabilize, reflecting structural factors such as energy revenues, imports, and the central bank’s policy stance that keeps the exchange rate within a limited corridor.
Economist Alexander Baranov noted that 2023 proved to be more favorable for residents who held savings in rubles. He cautioned that converting savings into currencies from hostile nations may be impractical due to potential declines and the risk of sanctions. Baranov also mentioned opportunities to invest savings in real estate, which he believes can be a persistent store of value in a volatile environment, even as global markets remain unsettled.
Baranov also observed that the Russian Federation appears inclined to move away from reliance on the US currency, signaling a broader shift in how residents and policymakers approach foreign exchange and economic resilience. He emphasized that maintaining ruble-denominated assets could offer greater stability as the country navigates international financial pressures and diversifies its trade relationships.