The ruble’s real effective exchange rate rose by 0.3% in June 2026, marking a month-on-month gain against the currencies of Russia’s main trading partners adjusted for inflation, according to data from the Bank of Russia.
The central bank noted that the currency has appreciated by 7.1% since the beginning of the year, reflecting a broader trend of stabilization in external competitiveness despite ongoing geopolitical headwinds.
97% in early June, suggesting a cooling in retail deposit competition and potentially lower funding costs for banks.
This development aligns with recent domestic financial indicators showing easing pressure on the currency.
The average maximum interest rate on ruble deposits at Russia’s ten largest banks fell to 12.76% per annum in late June, down from 12.86% in mid-June and 12.97% in early June, suggesting a cooling in retail deposit competition and potentially lower funding costs for banks.
Additionally, the Bank of Russia set the official US dollar exchange rate at 76.6647 rubles for the period of July 11-13, 2026, representing a strengthening of the ruble by 73.47 kopecks compared to the previous indicator.
This nominal strengthening supports the real effective gains reported for June.