Why the rouble is one of the best performing currencies
WHY HAS THE ROUBLE RISEN SO MUCH AGAINST THE DOLLAR?
The weakness of the US currency, whose index lost 6.6 per cent since President Donald Trump's "Liberation Day" tariff announcement on April 2, has helped the rouble
Although the central bank says there is a freely floating exchange rate, it has been selling the Chinese yuan, its only major intervention tool, to support the rouble
When the rouble strengthens against the yuan, its rate against the US dollar strengthens as well to avoid arbitrage
HOW IS THE ROUBLE TRADED?
Since sanctions hit the Moscow Stock Exchange (MOEX) in 2024, the rouble trades over-the-counter against the US dollar and euro
Banks report their quotes to the central bank, which uses them to set the official rate
The rouble is no longer a major internationally traded currency and many Western companies and banks have left Russia but the country remains a top oil and agriculture exporter and the world's 11th largest economy
Russia's push to shift trade into non-Western currencies, especially the yuan, may have implications for the global dominance of the US dollar in the long-term
WHY IS ROUBLE-YUAN THE BIGGEST PAIR?
The yuan has overtaken the US dollar as Russia's most traded foreign currency
Russia's total trade with China hit a record $US245 billion
The rouble is up against the yuan by 25 per cent this year
WHAT DOES THE RUSSIAN GOVERNMENT SAY ABOUT THE ROUBLE?
The Russian government wants a weaker rouble to boost budget revenues
If the rouble stays strong, analysts estimate the budget could lose 2.4 per cent of its revenues this year
Exporters, from oil to metals to agriculture, are also hurting
HOW DO ORDINARY RUSSIANS VALUE THE ROUBLE?
The public still sees the US dollar as the benchmark, even though yuan use is rising
Sanctions have made foreign travel and US dollar and euro international transfers harder, reducing demand for cash dollars
WHAT LIES AHEAD FOR THE ROUBLE?
A big test looms in early September, when a 50-day deadline set by US President Donald Trump for Russia to show progress toward peace in Ukraine expires
If new US sanctions targeting buyers of Russian oil follow, the rouble could come under renewed pressure
The last time the rouble weakened significantly was in November 2024, after Washington sanctioned Gazprombank, which had handled oil and gas payments
The Russian rouble's 45 per cent rise against the US dollar since the start of the year has made it one of the world's best performing currencies - but the sharp appreciation is proving to be a double-edged sword for the heavily sanctioned Russian economy.
WHY HAS THE ROUBLE RISEN SO MUCH AGAINST THE DOLLAR?
The weakness of the US currency, whose index lost 6.6 per cent since President Donald Trump's "Liberation Day" tariff announcement on April 2, has helped the rouble
Although the central bank says there is a freely floating exchange rate, it has been selling the Chinese yuan, its only major intervention tool, to support the rouble
When the rouble strengthens against the yuan, its rate against the US dollar strengthens as well to avoid arbitrage
HOW IS THE ROUBLE TRADED?
Since sanctions hit the Moscow Stock Exchange (MOEX) in 2024, the rouble trades over-the-counter against the US dollar and euro
Banks report their quotes to the central bank, which uses them to set the official rate
The rouble is no longer a major internationally traded currency and many Western companies and banks have left Russia but the country remains a top oil and agriculture exporter and the world's 11th largest economy
Russia's push to shift trade into non-Western currencies, especially the yuan, may have implications for the global dominance of the US dollar in the long-term
WHY IS ROUBLE-YUAN THE BIGGEST PAIR?
The yuan has overtaken the US dollar as Russia's most traded foreign currency
Russia's total trade with China hit a record $US245 billion
The rouble is up against the yuan by 25 per cent this year
WHAT DOES THE RUSSIAN GOVERNMENT SAY ABOUT THE ROUBLE?
The Russian government wants a weaker rouble to boost budget revenues
If the rouble stays strong, analysts estimate the budget could lose 2.4 per cent of its revenues this year
Exporters, from oil to metals to agriculture, are also hurting
HOW DO ORDINARY RUSSIANS VALUE THE ROUBLE?
The public still sees the US dollar as the benchmark, even though yuan use is rising
Sanctions have made foreign travel and US dollar and euro international transfers harder, reducing demand for cash dollars
WHAT LIES AHEAD FOR THE ROUBLE?
A big test looms in early September, when a 50-day deadline set by US President Donald Trump for Russia to show progress toward peace in Ukraine expires
If new US sanctions targeting buyers of Russian oil follow, the rouble could come under renewed pressure
The last time the rouble weakened significantly was in November 2024, after Washington sanctioned Gazprombank, which had handled oil and gas payments
The Russian rouble's 45 per cent rise against the US dollar since the start of the year has made it one of the world's best performing currencies - but the sharp appreciation is proving to be a double-edged sword for the heavily sanctioned Russian economy.
WHY HAS THE ROUBLE RISEN SO MUCH AGAINST THE DOLLAR?
The weakness of the US currency, whose index lost 6.6 per cent since President Donald Trump's "Liberation Day" tariff announcement on April 2, has helped the rouble
Although the central bank says there is a freely floating exchange rate, it has been selling the Chinese yuan, its only major intervention tool, to support the rouble
When the rouble strengthens against the yuan, its rate against the US dollar strengthens as well to avoid arbitrage
HOW IS THE ROUBLE TRADED?
Since sanctions hit the Moscow Stock Exchange (MOEX) in 2024, the rouble trades over-the-counter against the US dollar and euro
Banks report their quotes to the central bank, which uses them to set the official rate
The rouble is no longer a major internationally traded currency and many Western companies and banks have left Russia but the country remains a top oil and agriculture exporter and the world's 11th largest economy
Russia's push to shift trade into non-Western currencies, especially the yuan, may have implications for the global dominance of the US dollar in the long-term
WHY IS ROUBLE-YUAN THE BIGGEST PAIR?
The yuan has overtaken the US dollar as Russia's most traded foreign currency
Russia's total trade with China hit a record $US245 billion
The rouble is up against the yuan by 25 per cent this year
WHAT DOES THE RUSSIAN GOVERNMENT SAY ABOUT THE ROUBLE?
The Russian government wants a weaker rouble to boost budget revenues
If the rouble stays strong, analysts estimate the budget could lose 2.4 per cent of its revenues this year
Exporters, from oil to metals to agriculture, are also hurting
HOW DO ORDINARY RUSSIANS VALUE THE ROUBLE?
The public still sees the US dollar as the benchmark, even though yuan use is rising
Sanctions have made foreign travel and US dollar and euro international transfers harder, reducing demand for cash dollars
WHAT LIES AHEAD FOR THE ROUBLE?
A big test looms in early September, when a 50-day deadline set by US President Donald Trump for Russia to show progress toward peace in Ukraine expires
If new US sanctions targeting buyers of Russian oil follow, the rouble could come under renewed pressure
The last time the rouble weakened significantly was in November 2024, after Washington sanctioned Gazprombank, which had handled oil and gas payments
The Russian rouble's 45 per cent rise against the US dollar since the start of the year has made it one of the world's best performing currencies - but the sharp appreciation is proving to be a double-edged sword for the heavily sanctioned Russian economy.
WHY HAS THE ROUBLE RISEN SO MUCH AGAINST THE DOLLAR?
The weakness of the US currency, whose index lost 6.6 per cent since President Donald Trump's "Liberation Day" tariff announcement on April 2, has helped the rouble
Although the central bank says there is a freely floating exchange rate, it has been selling the Chinese yuan, its only major intervention tool, to support the rouble
When the rouble strengthens against the yuan, its rate against the US dollar strengthens as well to avoid arbitrage
HOW IS THE ROUBLE TRADED?
Since sanctions hit the Moscow Stock Exchange (MOEX) in 2024, the rouble trades over-the-counter against the US dollar and euro
Banks report their quotes to the central bank, which uses them to set the official rate
The rouble is no longer a major internationally traded currency and many Western companies and banks have left Russia but the country remains a top oil and agriculture exporter and the world's 11th largest economy
Russia's push to shift trade into non-Western currencies, especially the yuan, may have implications for the global dominance of the US dollar in the long-term
WHY IS ROUBLE-YUAN THE BIGGEST PAIR?
The yuan has overtaken the US dollar as Russia's most traded foreign currency
Russia's total trade with China hit a record $US245 billion
The rouble is up against the yuan by 25 per cent this year
WHAT DOES THE RUSSIAN GOVERNMENT SAY ABOUT THE ROUBLE?
The Russian government wants a weaker rouble to boost budget revenues
If the rouble stays strong, analysts estimate the budget could lose 2.4 per cent of its revenues this year
Exporters, from oil to metals to agriculture, are also hurting
HOW DO ORDINARY RUSSIANS VALUE THE ROUBLE?
The public still sees the US dollar as the benchmark, even though yuan use is rising
Sanctions have made foreign travel and US dollar and euro international transfers harder, reducing demand for cash dollars
WHAT LIES AHEAD FOR THE ROUBLE?
A big test looms in early September, when a 50-day deadline set by US President Donald Trump for Russia to show progress toward peace in Ukraine expires
If new US sanctions targeting buyers of Russian oil follow, the rouble could come under renewed pressure
The last time the rouble weakened significantly was in November 2024, after Washington sanctioned Gazprombank, which had handled oil and gas payments
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