Russia's Central Bank Raises Dollar Exchange Rate Amid Energy Sales Optimism

The Central Bank of Russia has announced an increase in the official dollar exchange rate. As per the data on the regulator's website, the quotes of the American currency will amount to about 86.47 rubles as of Wednesday, September 9. This marks a rise of 28 cents from the previous day's exchange rate of 86.19 rubles.

The euro exchange rate has also shown a similar trend, increasing by 33 kopecks to 100.5 rubles. The Chinese yuan was trading at 12.78 rubles on the Moscow Stock Exchange around 18:00.

Experts believe that this development brings the ruble closer to its optimal range for Russian exporters. VTB CEO Andrey Kostin previously stated that a range of 90-100 rubles per dollar would be ideal, allowing domestic companies focused on foreign markets to increase revenue and the federal budget to benefit from additional energy sales revenues.