The Bank of Russia has raised its official exchange rates for the US dollar, euro and Chinese yuan against the ruble for October 7, reflecting increases across all three major currencies covered in its latest announcement.
The official dollar rate has been set at 85.7116 rubles, an increase of 78.07 kopecks compared with the previous official rate.
Euro Climbs Above 96 Rubles
The euro also strengthened against the Russian currency under the newly announced official rate.
Russia’s central bank set the euro at 96.0313 rubles for October 7, representing an increase of 69.64 kopecks from the previous level.
The adjustment places the official euro exchange rate slightly above the 96-ruble mark.
Yuan Rate Also Moves Higher
The Chinese yuan recorded an increase alongside the dollar and euro.
According to the Bank of Russia, the official yuan exchange rate has been fixed at 12.7984 rubles.
That represents an increase of 14.93 kopecks compared with the preceding official rate.
Dollar Records Largest Increase Among Three Currencies
Measured by the change announced by the central bank, the dollar recorded the largest increase in kopeck terms among the three currencies.
The dollar rose by 78.07 kopecks, compared with a 69.64-kopeck increase for the euro and a 14.93-kopeck rise for the yuan.
The new rates will officially apply on October 7.
Central Bank Uses OTC Market Data to Determine Rates
The Bank of Russia previously changed the mechanism it uses to establish official dollar and euro exchange rates against the ruble.
Under the current approach, the central bank determines the official rates using reports submitted by banks detailing transactions conducted in Russia’s over-the-counter foreign exchange market.
The October 7 rates therefore put the US dollar at 85.7116 rubles, the euro at 96.0313 rubles and the Chinese yuan at 12.7984 rubles.
