National currency strengthens by 0.3% against major currency pairs in interbank trading

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The Russian ruble has strengthened by about 0.3% against major currency pairs in interbank trading.

On the interbank market, the ruble is trading at 11.59 rubles per Chinese yuan (CNY/RUB) on Thursday.

The USD/RUB pair is trading at 80.99 rubles per U.S. dollar, while EUR/RUB is quoted at 92.37 rubles per euro.

It is worth noting that the Central Bank of Russia (CBR) will set official exchange rates for foreign currencies against the ruble based on consolidated data from both exchange and over-the-counter segments of the foreign exchange market starting December 27, 2024. This change, outlined in CBR Instruction No. 6956-U, aims to enhance the representativeness of official rates amid growing volumes of over-the-counter transactions.

The document also provides for the possibility of calculating exchange rates using cross-rates if trading data for certain currency pairs becomes unavailable.

To ensure transparency, the instruction includes detailed descriptions of all methods used to establish official exchange rates, including the formulas applied.

The list of currencies and the method used for each (based on FX market data or cross-rates) is available on the CBR website.

This overview was prepared by Alexei Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.