In the afternoon on December 27, the ruble continued its slide, casting a heavier shadow on the currency market. As selling pressure gathered pace, the euro climbed to around 76 rubles, while the dollar pushed its level above 71 rubles. These movements were reflected in the data published by the Moscow Exchange, which tracks daily fluctuations across major currencies and provides market participants with a clear snapshot of the pace and direction of change. At the same time, the yuan crossed a notable threshold, surpassing 10 rubles, signaling a broader shift in demand and liquidity for regional currencies.
According to the Moscow Exchange, the forecasted value of the U.S. dollar for the next day, December 28, at 18:07 Moscow time, rose by about 1.88 rubles to 71.17 rubles. The yuan saw a minor uptick of 0.31 rubles, reaching just over 10 rubles, while the euro gained around 2.48 rubles, settling near 76.03 rubles. These figures illustrate a day of renewed volatility where investors weighed geopolitical developments, domestic macro data, and global risk sentiment as factors influencing the pace of depreciation for the ruble.
Ahead of this, the financial holding BCС World of Investments offered a nuanced forecast, acknowledging that the New Year period could bring further shifts. They suggested a plausible range in which the dollar might hover between the mid-60s and mid-70s rubles, with the euro possibly touching a similar corridor. In this context, market participants prepared for potential volatility as year-end cash flows and reassessment of risk positions influenced expectations about how far the ruble might move in either direction.
The commentary of government officials at the time provided additional perspective. It was noted that a dollar rate within the 70–80 ruble band could serve as a stabilizing factor for the economy, according to statements made by the First Deputy Prime Minister. Such an assessment reflected a view that currency stability in that range might support import costs, inflation expectations, and strategic macro planning as the country approached the new year.
Industry voices offered complementary viewpoints on the longer horizon. Financial analyst Alexey Krichevsky estimated a scenario in which the dollar could settle around the 80 ruble mark during 2023, framing a possible upper boundary for currency movements based on current geopolitical dynamics, monetary policy trajectories, and market liquidity. The dialogue around these forecasts highlighted the ongoing tension between short-term fluctuations and the longer-term objectives of economic stability and policy credibility.
Taken together, these observations underscore how currency markets respond to a blend of domestic factors, multinational shifts, and investor sentiment. They illustrate why participants monitor the Moscow Exchange’s daily updates, the outlook of major financial houses, and the comments of policymakers as signals shaping near-term expectations. While forecast ranges provide usable guides for traders, the reality on the ground often proves more fluid, with rapid shifts driven by new data releases and changing risk appetites across global markets. The period around late December thus served as a reminder that the ruble, like many emerging-market currencies, remains subject to a dynamic balance of supply, demand, and policy signals, with traders continually recalibrating their positions as events unfold.