Rate up: the dollar rose above 85 rubles for the first time since April

On Wednesday, September 10, the Bank of Russia raised the official dollar exchange rate to a multi—month high of 83.24 rubles, the euro to 98.03 rubles, and the yuan to 11.69 rubles. In the over-the-counter market, the dollar exceeded 87.4 rubles for the first time since April. The ruble weakened against the yuan amid the risks of new anti-Russian sanctions and a possible reduction in the key interest rate by the Central Bank at a meeting on September 12. For more information, see the Izvestia article.

How much did the Bank of Russia raise the official exchange rate

On Wednesday, September 10, the Bank of Russia raised the official exchange rate of the foreign currency to the ruble.

— The regulator raised the dollar exchange rate from 82.3397 rubles to 83.2425 rubles;

— The regulator raised the euro exchange rate from 96.5691 rubles to 98.0336 rubles;

— The exchange rate of the yuan from 11.4746 rubles to 11.6934 rubles.

And on the over-the-counter market, the dollar exchange rate has surpassed 87.4 rubles for the first time since April 11, having increased by 3 rubles from the morning's 84 rubles, according to the data from the trading platform. In the morning, the currency was trading around 84 rubles and began to grow from 09:30, reaching a maximum by 11:13, after which it slightly decreased to 85.8 rubles by 11:31. During the week, the dollar strengthened by 7.7%, and over the month — by almost 9%.

At the same time, on Wednesday morning on the Moscow Stock Exchange, the ruble weakened against the yuan amid the risks of new anti-Russian sanctions and reached its lowest levels since April. In the first minute of trading, the Chinese currency rose by 3.75 cents and reached 11.8155 rubles, which is 12.21 cents higher than the official exchange rate.

The euro exchange rate also continued to rise and by 12:16 Moscow time amounted to 99.41 rubles (+1.44 rubles).

Thus, the dollar rose by 90.28 kopecks, the euro by 1.4645 rubles, and the yuan added 21.88 kopecks.

What awaits the Russian economy

Experts expect that at the meeting of the Central Bank of Russia on September 12, the issue of another reduction in the key rate may be discussed. It is noted that the tight monetary policy of the Central Bank has only allowed to reduce inflation from 10.5% to just under 9%, which does not meet the request of either enterprises, the population, or the Central Bank itself, which aims to lower inflation to 4%.

As previously reported by Izvestia, by the end of 2025, the American currency in Russia will cost an average of about 88-94 rubles per dollar. An important factor for the depreciation will be the abolition of the mandatory sale of foreign exchange earnings by exporters, which was introduced in mid-August due to the sufficient volume of currency in the country. According to Mikhail Gordienko, Professor of the Department of Finance for Sustainable Development at Plekhanov Russian University of Economics, this step will lead to a depreciation of the ruble.

Recall that on September 5, the Central Bank extended the restriction on withdrawing foreign currency in cash until March 9, 2026 due to the sanctions in force against Russia, which prohibit domestic financial institutions from purchasing the cash currency of Western countries. As before, citizens whose foreign currency account or deposit was opened before March 9, 2022, are allowed to withdraw no more than $10,000 or the equivalent amount in euros. The remaining funds can only be received in rubles.