The ruble touched 71.6 against the US dollar during the second week of October, its strongest level since mid-June, amid expectations Russia's central bank will be hiking interest rates later this month and due to a rally in energy prices. Policymakers are expected to raise rates by 50 bps when they meet on October 22nd to tackle inflation, while Brent crude hit an over three-year high of $84 a barrel on prospects of stronger demand and supply disruptions.
Historically, the Russian Ruble reached an all time high of 85.97 in January of 2016. Russian Ruble - data, forecasts, historical chart - was last updated on October of 2021.
The Russian Ruble is expected to trade at 72.39 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 74.27 in 12 months time.