The USD/RUB crossed the $76 mark, the lowest level since November 30th, amid geopolitical risks following the arrest of Kremlin critic Alexei Navalny and as oil prices failed to gain traction. Also, traders have been moving away from riskier assets as the COVID-19 pandemic is prolonged and due to uncertainty over the size and timing of the new US stimulus package. Police detained thousands of protesters and used force to break up rallies across Russia over the weekend for demanding Navalny’s release. Navalny was arrested after landing in Moscow on January 17th, with authorities saying it violated the terms of a suspended 2014 conviction for money-laundering. Meantime, oil has been trading below an 11-month high, as rising Covid-19 cases and further restrictions dull the demand outlook. On the monetary policy front, the Central Bank of Russia has been holding its benchmark interest rate steady since June 2020 while leaving the door open for further cuts.
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 February of 2021.
The Russian Ruble is expected to trade at 75.95 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 77.47 in 12 months time.