Russian Ruble

The Russian Ruble (RUB) has been the name of Russia’s currency since ancient times. The ruble is divided into 100 kopecks.

Russian Ruble RUB

Read our currency guide about the Russian Ruble (RUB) below:

Common names for Russian Ruble

Py6 and oil cash are two common slang term for the ruble, Russia’s currency. The short currency symbol used by forex traders and money exchange offices are RUB.

Countries with Russian Ruble

Russia, Abkhazia and South Ossetia are the three countries using Ruble.

How much is the Ruble traded?

RUB is the 10th most traded currency in the world, after the U.S. Dollar, Euro, Yen, Pound, Swiss Franc, Australian Dollar, Swedish Kronor, Singapore Dollars and Hong Kong Dollar.

History of the Russian Ruble

For over 500 years, Ruble has been the currency used in Russia. 1704, under Peter I, one Ruble was equivalent to 28 gram silver. By 2010, there have been 7 different types of rubles with different values.

Currency symbol and ISO-code

The official ISO code used by both online forex traders and foreign exchange offices are RUB.

Currency crisis with the Ruble

At the outbreak of the First World War as Russia jumped out of the foot and the gold ruble fell sharply in value. This led to hyperinflation in the early 1920s.

Bank of Russia

Bank of Russia pursues an inflation rate of 9-10% in 2010. The following objectives are set:

  • Price stability: Russia grappling with high inflation and doing everything they can to get it down.
  • Labor: Maintenance of full employment in Russia.
  • Economic prosperity: Economic prosperity and welfare of the people of Russia.
  • Monetary regulation: Seeking the maintenance of a stable banking and payment systems.

Online Forex Trading with Ruble

Although the Russian ruble is part of the 10 most actively traded currency pairs, so it is not so common among individuals without Russian origin to trade rubles. The economy and the government is relatively stable and the country is heavily influenced by commodity prices. Russia is usually relatively frequently intervene in currency markets, which tend to scare off some investors.

Ruble vs other currencies

Russian Ruble has proven to be a relatively volantile currency, which fluctuate depending on energy prices, political risk and economic growth.

Pictures of Ruble

Below are some common notes and coins from Russia.
Russian currency: Ruble

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