Real effective ruble rate (the exchange rate to the basket of currencies of major trade partners of Russia) in the first quarter of 2017 has grown on 33,2% comparing with the same period previous year. This is reported by the Bank of Russia. Relatedly to the previous quarter the growth amounted to 9,2%.
The real ruble rate to dollar in the first quarter of 2017 in per year terms showed the growth on 29,1%, to euro – on 35%. Nominal rate has grown on 26,8% and 31,5 correspondingly.
On April, 6 the Head of Ministry of Finance Maksim Oreshkin expressed a belief that at current oil prices the dollar rate soon may grow to 63-64 rubles, and by the end of the year it will reach 68 rubles.
Ruble rate in Russian is floating and is not pegged to any foreign currency. Decision about releasing ruble to “open floating” was made by Central Bank in December, 2014 when currency band was let down. Before that the regulator had been spending forex reserves on maintaining specific rate.
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