Ruble Strengthens Marginally on Interbank Market Against Major Currency Pairs

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The Russian ruble is strengthening by 0.1% against major currency pairs in the interbank market.

On the currency market (interbank), the ruble exchange rate against the Chinese yuan (CNY/RUB) is trading at 10.74 rubles per yuan on Tuesday.

The USD/RUB pair is trading at 73.20 rubles per U.S. dollar, while EUR/RUB is at 85.21 rubles per euro.

Starting December 27, 2024, the Central Bank of Russia 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 currency market. This change, outlined in Bank of Russia Instruction No. 6956-U, aims to enhance the representativeness of official rates amid the growing volume of over-the-counter transactions. The instruction also provides for the possibility of calculating exchange rates via cross-rates if trading data for certain currency pairs becomes unavailable.

Since June 8, 2026, the Central Bank of Russia has changed the methodology for calculating the official euro-ruble exchange rate. Instead of using direct quotes for the euro-ruble pair, the Bank now calculates the rate through a cross-rate using data from the European Central Bank. The new formula is EUR/RUB = USD/RUB × EUR/USD (based on ECB data).

This overview was presented by Alexey 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.