The Course of the Russian Ruble Exchange Rate During the COVID-19 Pandemic: Trends and Influencing Factors

Abstract

ABSTRACT This article analyzes the impact of the following major factors influencing the Russian ruble exchange rate: oil prices, inflation, the balance of payments flows, and volatility, which are all considered against the background of the COVID-19 pandemic. The analysis reveals that all these factors continued to play a role in 2020, though the shock of the pandemic exhibited certain specific features.