The rise of the dollar and euro has been linked to the outflow of American currency from Russia and the reluctance of large export firms to convert local earnings into foreign currency for import operations. This assessment comes from Dmitry Zavorotny, who heads the Center for Economic Strategies. He also noted that attempts to compel exporters to sell foreign currency did not yield long-term benefits.
According to his analysis, the actual flow of foreign exchange was smaller than what regulators had indicated. Such revisions could influence the ruble’s value in the period ahead. He also cautioned that speculative activity could emerge if market participants spot perceived mistakes in central bank data, potentially betting against the ruble amid broader economic headwinds.
He did not rule out the dollar approaching the 100 ruble mark, a milestone that would mark a significant psychological threshold for the currency.
On December 25, the euro traded above the 102 ruble level during morning sessions on the Moscow Exchange. The European currency last hovered around this level on October 20, according to market notes from RIA Novosti.
By 11:13 Moscow time, the euro stood at 102.11 rubles, up 0.36 percent. A few minutes later, around 11:16, the euro eased to 101.99 rubles. In the same window, the dollar edged higher to 92.07 rubles, up 0.07 percent, while the yuan advanced to 12,841 rubles, up 0.02 percent.
Earlier observations noted that the central bank’s share of foreign currency earnings from sales was approaching full utilization, approaching 100 percent. These developments reflect a currency environment where flows, policy signals, and market expectations interact to shape daily fluctuations and longer-term trends. The implications for import costs, pricing dynamics, and investor sentiment are being watched closely by analysts and market participants alike.