Russian rouble real rate hits 1.8% in July

The real effective exchange rate (REER) of the Russian rouble against the currencies of the country’s main trade partners, adjusted for inflation, rose by 1.8 per cent month-on-month in July 2024, according to the latest data from the Central Bank of Russia.

Over the first seven months of the year, the REER saw a significant annual increase of 10.2 per cent.

In July, the rouble’s real effective rate strengthened by 1.9 per cent against the US dollar, marking a 6.4 per cent rise since the beginning of the year. The rate against the euro also saw an uptick of 0.8 per cent compared to the previous month, bringing the year-to-date increase to 7.6 per cent.

The REER is calculated based on the exchange rates of Russia’s key trading partners, weighted according to their share in the country’s foreign trade turnover.

Attribution: TASS

Subediting: M. S. Salama