Posted 11/19/2023, 7:00:00 AM
Ruble Rebounds Strongly Against Dollar But Remains Down for the Year
- Ruble has rallied recently, reaching its strongest level against the dollar since July
- Appreciation has helped curb inflation and was a key factor in inflation likely peaking in September
- Government has tightened capital controls and doubled interest rates to support ruble
- Exchange rate is seen averaging around 90 rubles per dollar in 2023 according to ministry forecasts
- Ruble remains down 17% against dollar this year despite paring losses