The lowdown on the Russian Ruble
Economical Influences and the Russian Ruble
If you are considering converting AUD to RUB, it is good to get a snapshot on how the economy may influence the Russian exchange rate.
The Russian Ruble is the 17th most traded currency in the world and after the British pound is the oldest national currency in the world.1
Since the collapse of the Soviet Union, Russia’s economy has moved from a centrally planned economy towards a market-based system. As one of the world’s leading producers of natural gas and oil, Russia’s economy depends heavily on the movement of commodity prices worldwide. With an average growth rate of 7% between 1998 and 2008, Russia’s economic growth rate has slowed down in recent years.2
Due to falling oil prices and international sanctions, Russia experienced a recession in 2015, with its GDP falling by almost 2.8%. Since then, global demand has picked up, however Russia is exploring new ways to diversify their economy, away from commodity based reliance.2
Russian Ruble Historical Exchange Rate
The financial crisis in Russia between 2014 and 2016 was the result of the Russian ruble crashing in the first half of 2014. The declining confidence in the Russian economy caused many Russian assets to be sold off, leading to the decline in value of the ruble. In 2015 falling oil prices and economic sanctions in response to the annexation of Crimea and the Russian military intervention in Ukraine caused further downturn.2
Back in December 2014, 1 AUD was sitting at around 49.32578 RUB before the crisis hit. By January 2016 1 AUD was trading at a high of 57.71994 RUB. As the Russian economy recovered from the 2015 recession, 1 Australian dollar was trading at around 45 ruble for much of 2017. As of 20 August 2018 the AUD to RUB exchange rate is currently 1 AUD to 49.03216 RUB.3
Exchange rates last updated Saturday, 26 June 2021 6:46:58 AM AEST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
Travelex Historical Rates for conversion of [FromCurrencyIso] to [ToCurrencyIso]: Last month
Travelex Historical Rates for conversion of [FromCurrencyIso] to [ToCurrencyIso]: 3 months
Travelex Historical Rates for conversion of [FromCurrencyIso] to [ToCurrencyIso]: 6 months
Travelex Historical Rates for conversion of [FromCurrencyIso] to [ToCurrencyIso]: 12 months
How to see Travelex historical rates
If you would like to see Travelex historical rates, please select one of the currencies
1. BBC - https://www.bbc.com/russian/features-36735256
2. Central Intelligence Agency - https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html
3. XE - https://www.xe.com/currencycharts/?from=AUD&to=RUB&view=5Y. Based on mid-market rates as of 21st August 2018.
*The information contained in this article has been compiled by Travelex from different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex Limited (ABN 36 004 179 953, AFSL Number 222444) arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.