The Central Bank of Russia lowered the official U.S. dollar exchange rate in Russia to 80.93 rubles for Thursday, August 6, according to regulator data.
On Wednesday, August 5, the official dollar rate stood at 81.13 rubles. The regulator reduced the rate of the global reserve currency by 20 kopecks.
The euro exchange rate followed a similar trend, falling by 39 kopecks from 93.58 rubles to 93.19 rubles. Chinese yuan quotes traded on the Moscow Exchange at around 12 rubles.
Factors in Exchange Rate Movements
The dollar had steadily strengthened against the ruble over the preceding several days. At the beginning of the week, U.S. currency quotes on the Forex market reached a four-month high, passing the 81-ruble mark.
Experts attributed the recent rate dynamics to rising domestic demand for currency, Ministry of Finance interventions, and the risk of stricter U.S. sanctions on Russia's trade partners. Against this backdrop, economist Guzel Protsenko said the dollar could reach 82 rubles by the end of the summer.
