USD/RUB advances above 95.60 amid Russia's economic challenges, USD demand

USD/RUB trades in positive territory for the third consecutive day. The pair trades around 95.65, gaining 0.69% on the day. The economic challenge in

Finance Minister Anton Siluanov said on Saturday that the Russian economy isto expand by at least 2.5% in 2023, while inflation is anticipated to hover around 6%, according to Reuters. Russian policymakers predict that inflation will fall back to the target of 4% in 2024. It is expected to decline to 5.0%-6.5% this year. He also said that he would cooperate with the Central Bank to implement all necessary steps to reduce inflation to the desired level.

In addition, Russia has progressively tightened exit requirements ever since Western companies began leaving the country when Russia began a "special military operation" in Ukraine in February 2022. That said, foreign corporations have already lost more than $80 billion from their Russian operations as Moscow demands a 50% discount on all overseas agreements and needs at least a 10% contribution to the Russian budget.

Apart from this, Russia's budget is under difficulty as a consequence of the turmoil in Ukraine, and the central bank raised the interest rates last week to halt the ruble's slide. That said, the Bank of Russia hiked the interest rate by 350 basis points to 12%.

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