The Russian ruble continues to show a significant decline in value on the Moscow Exchange, setting new multi-month lows against major global currencies. Over the past few days, the ruble’s exchange rate against the dollar, euro, and yuan has deteriorated considerably, raising concerns among financial analysts and market participants.
This is reported by Finway
Ruble Falls for a Record Duration: Statistics and Reasons
On Thursday, September 11, the euro’s exchange rate on the over-the-counter market rose above 100 rubles for the first time since February, reaching a maximum of 100.3850 rubles per euro. The dollar also set a six-month record, climbing to 85.91 rubles. The yuan on the Moscow Exchange reached 12.05 rubles, the highest level since March. Such a prolonged decline of the ruble—eight consecutive trading days—was last observed in December 2022.
During this time, the dollar has appreciated by nearly 10 rubles (12%), the euro by 12 rubles (13%), and the yuan has become more expensive by 1.2 rubles (11%) compared to summer lows. Investment banker Yevgeny Kogan described this trend as a “flight into the abyss” for the Russian currency.
Pressure Factors and Expert Predictions
Analysts point to fundamental reasons for the ruble’s weakening. In particular, Ilya Fedorov from BCS notes that the trend has changed due to a worsening trade balance: export revenues have decreased due to falling oil prices, sanctions, and reduced trade volumes with China, while demand for currency has increased due to rising import needs.
The chief investment advisor at Veles Capital, Dmitry Sergeyev, predicts that by the end of the year, the ruble could drop to a level of 90–95 rubles per dollar. He also emphasizes that a managed depreciation of the exchange rate is one way to address the budget deficit issues, which, in the first eight months of 2025, has already reached 4.2 trillion rubles, three times the annual plan, while oil and gas revenues have decreased by 20%.
“A managed depreciation of the exchange rate is one way to rectify the budget situation. In the first eight months…