Macro Analysis /
Russia

Russia: Ruble exchange rate 2022 – Hoping for best, preparing for worst

  • The ruble’s fair values corridor for 2022 is at RUB70-80/$ but we see 2 reasons to focus on the lower end of this range

  • Ruble exchange rate did well this year, but lags behind oil prices

  • Change in investor behavior is a key reason explaining the gap between the ruble and oil price

Natalia Orlova
Natalia Orlova

Chief Economist

Alfa
2 September 2021
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