The expert named the main reasons for the strengthening of the ruble against the euro

The strengthening of the ruble is due to the positive news agenda about the improvement of relations between Russia and the United States. This was announced on March 18 by Arthur Meinhard, head of the Global Markets Analytical Department at Fontvielle.

"In February, the Russian currency strengthened against the European currency by 9.9%. And from February 28 to March 18, according to the Bank of Russia, its exchange rate changed by only 1.3%, falling from 92.04 rubles to 90.84 rubles," the expert noted.

He stressed that the synchronicity of exchange rate changes indicates the internal causes of the ruble's dynamics.

"The trend coincides with the positive news background related to the improvement of relations between Russia and the United States. The geopolitical risk is disappearing from the exchange rates," the expert explained.

In addition, the expert drew attention to the technical factors supporting the ruble.

"This week and next, exporters are converting foreign currency earnings to pay taxes, which temporarily strengthens the ruble. Restrictions are also in effect until April 30 for large companies that are required to return 40% of foreign exchange earnings to the Russian contour and sell 25% of it. This measure was introduced to support the ruble, but it is unlikely to be extended, since the strengthening of the currency has already exceeded the forecasts of the Ministry of Economic Development, taking into account which the Russian budget is adjusted," he added.

According to the expert, in the medium term, the ruble will return to a long-term devaluation trend. This may happen as early as the end of March, when the tax payment factor will cease to have an impact.

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Ivan Efanov, an analyst at Cifra Broker, told Izvestia on February 25 that, in addition to geopolitics, the strengthening of the ruble was influenced by an increase in net sales from exporters and a high key interest rate. In turn, Mikhail Zeltser, an expert on the stock market at BCS World Investments, clarified that at the beginning of 2025 there were too many speculative bets against the ruble on the market, which eventually burned down, which increased the collapse in foreign exchange rates.