In 2023, the ruble began to weaken; by October, the dollar rose by almost 50%. But in the last months of the year, the ruble was able to win back some of its losses. RBC Investments remembered what happened on the foreign exchange market in 2023
On the last working day of 2023, dollar trading on the Moscow Exchange closed at ₽90.36, the final euro exchange rate was ₽99.62, and the yuan exchange rate was ₽12.61. This is evidenced by the site data at 19:00 Moscow time on December 29. A year earlier, on December 30, 2022, dollar trading closed at ₽69.9, euro — ₽74.3, yuan — ₽9.912. Thus, over the year, the dollar exchange rate increased by 29.27%, the euro and yuan exchange rates by 34.08% and 27.23%, respectively.
Throughout most of 2023, the ruble has been steadily weakening due to the expanding share of its use in export payments and the rapid growth in demand for foreign currency from importers, PSB noted. In July, the Central Bank named the main reason for the fall of the ruble as a change in the trade balance due to a decrease in export revenues.
