Russian Ruble ($USD/RUB) Forex Forecast: Down 1.9% Today

What is Russian Ruble?

The USD/RUB currency pair represents the exchange rate between the US Dollar and the Russian Ruble. The Russian Ruble is the official currency of Russia, while the US Dollar is the world's primary reserve currency.

Why is Russian Ruble going down?

USD/RUB forex is down 1.9% on Jun 13, 2024 10:40

• The USD/RUB experienced a strong bearish movement due to new US sanctions forcing the end of dollar trading on Russia's main exchange. This move limits the availability of dollars in the Russian market, impacting the exchange rate.
• A call to reduce the use of 'toxic' currencies like the dollar and euro has also contributed to the bearish movement of the USD/RUB pair. This de-dollarization effort is increasing the reliance on the Ruble in trade transactions, leading to a decline in the value of the US Dollar against the Russian Ruble.
• The combination of US sanctions and de-dollarization efforts has put pressure on the USD/RUB exchange rate, resulting in a significant bearish movement as traders adjust to the changing dynamics in the currency market.

USD/RUB Price Chart

USD/RUB News

New US sanctions force end of dollar and euro trading on Russia's main exchange | Business

New US sanctions force end of dollar and euro trading on Russia's main exchange ...

https://www.cnn.com/2024/06/13/investing/us-russia-sanctions-dollar-euro-trading/index.html

Russia is doubling down on its de-dollarization efforts as Putin calls to reduce use of 'toxic' currencies

Speaking at the St. Petersburg International Economic Forum this week, the Russian president pointed to the country's declining use of Western currencies. The ruble is being utilized more in trade transactions, he added, despite the currency plunging in value in late 2023.

https://africa.businessinsider.com/markets/russia-is-doubling-down-on-its-de-dollarization-efforts-as-putin-calls-to-reduce-use/wfrd7jv

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Russian Ruble Price History

13.05.2024 - USD/RUB Forex was up 2.5%

• A suggestion from a prominent figure to lessen reliance on certain currencies like the US Dollar might have influenced a reduced demand for the Dollar, resulting in a decline in its value against the Ruble.
• Ongoing efforts in Russia to decrease dependence on the Dollar and the growing utilization of the Ruble in trade deals may have instilled confidence in the Russian currency, fostering a positive trend in the USD/RUB pair.
• A previous significant drop in the Ruble's value towards the end of 2023 might have generated an oversold situation, prompting traders to repurchase the currency and contributing to today's bullish movement.