Why expensive oil will not save the ruble from weakening by the end of 2026, the price of the dollar may rise to 85 rubles, and the yuan to 12.5 rubles, expert Dmitri Makob observes. Pressure on the ruble will be increased by purchases of government currency. High revenues from exports support the ruble: in the months of October-November, exports can reach 48 billion dollars per month. But expensive oil also increases budget revenues, allowing the state to buy currencies more actively. In November, the Ministry of Finance may allocate about 450 billion rubles for these purposes. Additional pressure will come from a decline in foreign exchange sales by exporters and expectations of large government purchases. In alternative scenarios, the dollar could fall to 75 rubles or rise to 90 rubles. Makarov's basic forecast is 85 rubles by the end of 2026 and 90 rubles by the end of 2027.

Why expensive oil will not save the ruble from weakening by the end of 2026, the price of the dollar may rise to 85 rubles, and the yuan to 12.5 rubles, expert Dmitri Makob observes. Pressure on the ruble will be increased by purchases of government currency. High revenues from exports support the ruble: in the months of October-November, exports can reach 48 billion dollars per month. But expensive oil also increases budget revenues, allowing the state to buy currencies more actively. In November, the Ministry of Finance may allocate about 450 billion rubles for these purposes. Additional pressure will come from a decline in foreign exchange sales by exporters and expectations of large government purchases. In alternative scenarios, the dollar could fall to 75 rubles or rise to 90 rubles. Makarov's basic forecast is 85 rubles by the end of 2026 and 90 rubles by the end of 2027.