The game of appreciation: the ruble has sharply strengthened against the dollar and the euro

The Bank of Russia set the official dollar exchange rate at 86.6 rubles on February 26, 2025, which is 1.57 rubles lower than the previous indicator. The ruble strengthened to this level for the first time since August 2024. The euro exchange rate dropped to 90.9 rubles for the first time since June 2024. In addition, it became known that banks in Russia refuse to accept the old-style American currency. How long the strengthening of the ruble will last, why the dollar exchange rate has changed dramatically and what to do with old banknotes — in the Izvestia article.

Dollar and euro exchange rates for today, February 26

On Wednesday, February 26, the Bank of Russia set official exchange rates, according to which the dollar fell from 88.2 to 86.6 rubles. According to the Central Bank, the price of the American currency below 87 rubles was last recorded on August 9, 2024.

The euro also dropped by 1.5 rubles, from 92.5 to 90.9. Prior to that, the euro exchange rate was at this level on June 28, 2024.

The yuan exchange rate has been lowered by 26 cents to 11.8002 rubles.

It should be noted that on February 25, currencies were traded at an even lower price on the international Forex currency exchange: the dollar fell to 85.7 rubles, and the euro to 90.2 rubles. Overall, the ruble has strengthened by 15% since the beginning of February, and by almost 25% since the beginning of the year.

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Why is the ruble strengthening in 2025

The main reason for the decline in the dollar and euro against the ruble is the positive trend that has developed amid discussions on possible negotiations to resolve the conflict in Ukraine. The United States' desire to improve relations with Russia has a separate impact.

Alexey Dudarev, an analyst at the WhiteBird cryptocurrency exchange service, told Izvestia that there are several economic factors that led to a decline in the dollar.

— The main reason is the change in market expectations regarding the future policy of the US Federal Reserve. Inflation remains high, and if earlier the market forecast a further tightening of monetary policy, now the mood is changing. Investors overestimate the risks, which reduces the attractiveness of the dollar as a safe haven asset. The ruble also receives support from the tax period, as companies sell foreign currency earnings to pay taxes, which also affects the exchange rate, the expert said.

It is too early to predict how long the strengthening of the ruble will last, Alexey Dudarev believes.

— If the pressure on the US economy continues and the markets expect a softer Fed policy, the dollar may continue to weaken and test the 82-84 ruble range in the short term, the analyst explained.

He also added that the situation may change, and the dollar will rise against the ruble if the United States demonstrates a steady pace of economic growth or regulators signal the continuation of the fight against inflation with harsh measures.

— With these factors, the dollar can safely return to the level of 94-97 rubles by the middle of spring, concludes Alexey Dudarev.

Old and new dollars in Russia: what is the difference, is it accepted everywhere

In recent months, Russians have increasingly complained that banks are refusing to accept old-style dollars. This is most often encountered by Russian citizens planning a trip abroad.

How Nikita Chaplin, a member of the State Duma Committee on Budget and Taxes, explained yesterday that banks have no right to refuse Russians to accept old-style dollars, and all banknotes issued after 1914 are considered legal tender.

Kirill Shcherbakov, PhD, Senior Lecturer at the Department of Economic Theory and Behavioral Economics at the University of Synergy href="https://iz.ru/1845238/2025-02-26/ekonomist-obiasnil-prichiny-otkaza-bankov-ot-priema-dollarov-starogo-obraztca " target="_blank">explained in an interview with Gazeta.Ru" that banks refuse to accept old banknotes against the background of anti-Russian sanctions and a shortage of currency.

"Previously, financial institutions were free to send old banknotes for collection to foreign banks, exchange them for new ones and freely work with cash currency. However, this opportunity is limited now," the economist said.

He added that not only in Russia, but also in some countries, old dollars are also accepted with caution. This mainly applies to the countries of Southeast Asia, India, Indonesia and several countries in Africa and Latin America.

In Russia, the situation is gradually stabilizing, however, those who plan to travel abroad should call the right bank office in advance and clarify the availability of money, as well as the year of their issue. It often happens that the new currency is sold out, but the old one is available.

Which dollars to take on a trip

Before traveling to a particular country, travelers need to familiarize themselves with the rules of currency exchange in advance, find out information about fees and restrictions.

— UAE. It is better to take new—style dollars to the Emirates, however, the old ones will also be exchanged there, but with a commission of about 1.5%;

- Cuba. They accept both old and new dollars;

— Turkey. You need to take new dollars with you, and they must be in perfect condition (without inscriptions, scuffs, or stains);

— Egypt. As in Turkey, it is better to go here with new—style dollars, which are in perfect condition;

- India. You can buy any dollars for the trip, but you need to be prepared for a lower exchange rate for old bills;

— Thailand. New dollars need to be brought to this Asian country, because the old ones (before 1996) They don't accept it there.

Old and new dollars: how to identify

The first dollars appeared back in 1861, and since then they have undergone various changes more than once, in particular, for greater protection against counterfeiting. New banknotes are those that appeared after 2013, primarily the $100 banknote, which has undergone significant changes. Old bills are bills of any year that appeared earlier.

The banknotes can be distinguished externally. Their main difference is in color: the old ones are darker, and the new ones are lighter, in addition, the images on the new bills look more realistic. In addition, in the lower left part of the banknote there is an inscription "SERIES" and then the year, for example, "SERIES 2004 A". This is the year of issue of the series to which the bill belongs.

All the changes in the design were made to combat counterfeit bills. In particular, microtexts, three-dimensional protective elements, and watermarks were added, which significantly complicated the process of producing counterfeit money.

If we talk about the financial importance of old and new dollars, then in the United States they have the same value when exchanged. Thus, old money has no expiration date and is quoted in the same way as new money, but there are exceptions: exchange offices and private companies decide for themselves whether to limit the acceptance of old money or not.