The Bank of Russia has lowered the official euro exchange rate below 100 rubles for the first time in September, setting the currency at 99.25 rubles for September 10.
Data published on the central bank website showed that both the euro and the US dollar fell by more than one ruble in the latest benchmark adjustment, with the dollar dropping to 85.46 rubles.
The Chinese yuan also lost value against the Russian currency, falling by 15 kopecks to settle at 12.74 rubles. In Russia's monetary system, one ruble is divided into 100 kopecks.
The central bank calculates its daily official exchange rates based on market trading activity. As the main financial regulator in Moscow, the Bank of Russia sets these reference figures to establish official values for foreign exchange transactions, customs duty calculations, and corporate balance sheets across the nation.
The recent decline in foreign currencies follows a period of notable gains. Over the past week, the dollar and euro had climbed to peak levels of 86.99 rubles and 100.83 rubles respectively, marking their highest exchange values recorded since the start of 2025.
Analyst expectations and currency targets
Discussing short-term exchange rate movements, Natalya Vashchelyuk, a senior analyst at First Asset Management, previously suggested that the dollar exchange rate would most likely stabilize in the range of 85 to 90 rubles over the near term. First Asset Management, known locally as UK Pervaya, is one of Russia's primary investment firms managing private and institutional capital.
In contrast, Andrey Kostin, the head of VTB Bank, expressed a different perspective on optimal exchange rates for the broader economy. Kostin stated that a dollar rate between 90 and 100 rubles would be optimal for Russia's economy. VTB Bank is Russia's second-largest commercial banking institution, operating as a state-controlled financial group.
The Chinese yuan has taken on a significantly larger role in Russian finance alongside traditional reserve currencies like the dollar and the euro. Currency values remain crucial for the Russian economy, where fluctuations directly affect import costs for businesses and ruble revenues generated by major export industries.
The central bank's updated exchange rates will take effect on September 10 as financial institutions and commercial markets adjust to the lower values for the euro, dollar, and yuan.
