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. Last Updated: 07/27/2016

Ruble, Consumer Confidence Rising

The Central Bank said Tuesday that the ruble strengthened 4.8 percent against the currencies of its major trading partners in the second quarter, stripping out the effects of inflation.

The so-called real effective ruble rate gained 1.5 percent in June, after strengthening 2.4 percent in April and a revised 2.3 percent in May, the figures showed. The ruble added 7.3 percent against the dollar and 3.6 percent versus the euro in the second quarter, after correcting for inflation, the bank said.

Exporters monitor the real exchange rate because it shows whether their products are becoming more or less expensive in foreign markets. Russian inflation dropped to 11.9 percent in June.

  • The State Statistics Service said Tuesday that consumer confidence rose 3 percentage points in the second quarter, the first rise since the third quarter of 2008, after inflation slowed and the Central Bank cut borrowing costs.