The ruble showed a modest softening against the dollar and the euro in the morning trade on 24 August, compared with the prior session’s close. Market participants were eyeing upcoming trade figures from the Moscow Stock Exchange as the day unfolded.
At 11.25 Moscow time, the dollar traded near 60.03 rubles, while the euro stood around 59.65 rubles. By the close on 23 August, the forward rates calculated by the market proxy were 59.89 rubles for the dollar and 59.58 rubles for the euro, signaling a slight shift in expectations from the previous session.
Midday levels for both the dollar and the euro remained above the official Central Bank reference rates. On 23 August, the currency regulator set the US rate at 59.90 rubles and lowered the European benchmark to 59.33 rubles, underscoring a persistent gap between market rates and official policy levels.
On 22 August, the euro exchange rate touched a notable moment, slipping toward parity with the dollar for the first time since mid-year trading, with the euro trading near $0.9952. That session marked a rare event, as the euro briefly traded below one dollar for the first time since July, a threshold not seen since 2002. In commentary, Bogdan Zvarich, chief analyst at the financial portal Banki.ru, suggested that the ruble’s trajectory against major currencies could begin a weakening trend into autumn. He projected that the dollar could push beyond 70 rubles later in the year, a scenario that would shape expectations for import pricing and debt management across the economy.