Dollar exchange rate up above 100 rubles - what's next?

The dollar exchange rate surpassed 100 rubles on Moscow Exchange on August 14 for the first time since March 23, 2022, according to trading data.

As of 9:08 a.m. Moscow time, the dollar exchange rate was up by 0.58% at 100.0075 rubles.

By 9:20 a.m., the dollar had slightly extended gains to 0.76% trading at 100.19 rubles. Meanwhile, the euro exchange rate was up by 0.72% at 109.56 rubles, while the yuan was up by 0.58% at 13.774 rubles.

Russian President’s economic advisor Maxim Oreshkin said that Russia is interested in a strong rouble. He explained that loose monetary policy was the main reason behind the Russian currency’s currency weakening.

"The current exchange rate has deviated significantly from fundamental levels, and its normalization is expected in the near future," the advisor told TASS.

According to Oreshkin, a weak rouble complicates the economy's structural transformation and negatively affects the population's real incomes.