The estimated US dollar exchange rate in Russia climbed above 87 rubles on Friday, August 28, 2026, reaching its highest level since March 13, 2025.
The rate reached a peak of 87.1 rubles during evening trading, according to reporting by news agency RIA Novosti. The figure serves as the primary benchmark for over-the-counter foreign exchange transactions involving the American currency in Russia.
Over-the-counter trading, also known as off-exchange trading, involves direct currency transactions between financial institutions rather than trades executed on a centralized exchange floor. In the absence of centralized dollar trading, market participants rely on calculated benchmarks to price off-exchange transactions.
Sanctions and Chinese yuan trading
US dollar trading on the Moscow Exchange came to a halt in June 2024 after the United States introduced sanctions targeting the venue. The sanctions affected Russia's main exchange platform, forcing financial institutions to alter how foreign exchange rates are calculated and traded across the country.
Since the suspension of exchange-based dollar trading, the Chinese yuan has remained the only major world currency traded directly on the Moscow Exchange. Trading in the yuan takes place each business day between 10:00 and 19:00 Moscow time.
During those trading hours, financial analysts calculate the implicit valuation of the US dollar by referencing the yuan exchange rate on the Moscow Exchange alongside the yuan-to-dollar cross rate on the international Forex market.
A direct US dollar to Russian ruble rate is also quoted on the global Forex market, a decentralized international network for currency trading. However, market observers consider the Forex dollar-ruble rate less indicative of domestic value due to lower overall trading volumes.
Official central bank rates
The surge in the calculated dollar rate followed recent adjustments to official currency rates by the Bank of Russia. On Thursday, August 27, the central bank raised the official euro exchange rate above 100 rubles for the first time since February 2025, setting it at 100.3 rubles.
The regulator revised those official figures on Friday, August 28, lowering the official euro rate back to 99.682 rubles. On the same day, the central bank reduced the official exchange rate for the US dollar to 85.9541 rubles.
The Bank of Russia establishes official exchange rates daily to provide administrative and accounting baselines for financial institutions. Live over-the-counter rates continue to move independently during market hours based on supply, demand, and international cross-currency valuations.
