The expert spoke about the movement of the ruble exchange rate this week

Since the beginning of 2025, the ruble has been strengthening against the dollar by about 24%, against the euro by about 14%, and against the yuan by almost 21%. On the December horizon, we can observe the stable position of the ruble with the possibility of strengthening within the range of 73-82 rubles per dollar, 85-94 rubles per euro and 10.20–11.50 per yuan. Spartak Sobolev, head of the Alfa-Forex Investment Strategy Research Department, told Izvestia about this on December 2.

On December 2, the Central Bank of the Russian Federation set the exchange rate of the American currency at 77.7 rubles, the European currency at 90.3 rubles, and the Chinese currency at 10.9 rubles. At the same time, according to the Moscow Exchange, on December 2, the yuan is also trading at 10.9 rubles.

"The results of the autumn trading session consolidate the strong position of the national currency and allow us to count on its further strengthening in December as part of the emerging annual trend," Sobolev said.

On the decline: the dollar exchange rate dropped below 80 rubles

Non-political factors are leading the way among the reasons for the strengthening of the Russian currency

According to him, the main reasons for the ruble's recovery this year were the Central Bank's high interest rate and the weak recovery of imports against this background; geopolitics, which periodically causes a surge of optimism in the national capital market; the country's trade surplus, which continues to form the main supply of foreign currency in the domestic market.

"There are no factors of pressure on the Russian currency that could significantly and permanently weaken it. The external background remains uncertain, and the problem with the budget deficit is likely to be solved by the Ministry of Finance, bypassing the policy of devaluation of the national currency," the expert said.

Noticeable pressure on the ruble, he pointed out, may appear later, when the sanctions pressure on Russia's energy sector significantly reduces the revenues of commodity exporting companies, and the Bank of Russia takes more drastic measures to ease monetary conditions.

On October 29, the head of the Central Bank of Russia, Elvira Nabiullina, said that the weakening of the ruble against the dollar is a pro-inflationary factor. According to her, a stable and strong ruble is possible only with a stable and strong economy. The head of the Central Bank also recalled that the ruble has strengthened by about 10% this year.

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