Russia - Official exchange rate (LCU per US$, period average)

The value for Official exchange rate (LCU per US$, period average) in Russia was 73.65 as of 2021. As the graph below shows, over the past 28 years this indicator reached a maximum value of 73.65 in 2021 and a minimum value of 0.99 in 1993.

Definition: Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1993 0.99
1996 5.12
1997 5.78
1998 9.71
1999 24.62
2000 28.13
2001 29.17
2002 31.35
2003 30.69
2004 28.81
2005 28.28
2006 27.19
2007 25.58
2008 24.85
2009 31.74
2010 30.37
2011 29.38
2012 30.84
2013 31.84
2014 38.38
2015 60.94
2016 67.06
2017 58.34
2018 62.67
2019 64.74
2020 72.10
2021 73.65

Development Relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world.

Limitations and Exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output.

Statistical Concept and Methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices