National currency loses ground by up to 0.4% in interbank trading on Wednesday

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Russian Ruble Loses Ground on Interbank Market by 0.4% on Wednesday

On the interbank market on Wednesday, the Russian ruble (RUB) is trading at 11.98 rubles per Chinese yuan (CNY/RUB).

The USD/RUB pair is trading at 82.57 rubles per U.S. dollar, while EUR/RUB is at 94.70 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 Regulation No. 6956-U, is aimed at enhancing the representativeness of official rates amid the growing volume of over-the-counter transactions.

The regulation 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 regulation includes descriptions of all methods used to establish official rates, including the formulas applied in each case.

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

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