Buy, Sell or Transfer Russian Ruble at the Best Rates in India

Russian Ruble Overview 

The Russian Ruble is the currency of Russia, with its origin dating back to the 14th century, making it the second oldest currency after the Sterling Pound. The Russian ruble notes are produced in Moscow's state-owned factory, which started its operations at the end of World War I. Meanwhile, coins are minted in both Moscow and the nearly three-century-old St. Petersburg Mint. A significant milestone occurred in 1704 when it became the first European currency to undergo decimalization, with one ruble being equivalent to 100 kopeks.

Russian Ruble Currency Facts

History of the Russian Ruble

The Russian Ruble is the second-oldest national currency still in use, after the British pound. Here is a comprehensive overview of the Russian Ruble history:

1. Early Beginnings (14th-17th Centuries):

The ruble has its origins dating back to the 14th century. Initially, it served as a unit of account, representing a specific weight of silver or furs. In 1704, under Peter the Great's reign, the ruble became a standardized silver coin. At this time, the ruble was defined as 28 grams of silver, marking a significant step towards a formal currency system.

2. Standardization and Gold Content Adjustment:

On December 17, 1885, a new standardization was implemented, which did not affect the silver ruble while reducing the gold content to 1161 grams. Later, during the rule of Nicholas I, the silver ruble was declared a monetary unit and a principal instrument of payment. This era also witnessed the introduction of banknotes, establishing them as a crucial support instrument for financial transactions.

3. Transformation During the Soviet Union’s Dissolution:

The dissolution of the Soviet Union in 1991 marked a fresh chapter for the ruble. New designs and denominations were introduced by the Central Bank of the Soviet Union, aiming to establish a separate identity for the Russian currency and signifying a visual and symbolic shift in the nation's monetary representation.

4. Introduction of New Denominations and Reform:

In 1993, the Bank of Russia initiated a new reform, accompanied by the issuance of updated banknotes, including denominations of 5000 and 10,000. This reform aimed to phase out the circulation of Soviet-era currency versions, aligning with broader economic changes and modernization efforts.

5. The 1998 Ruble Redenomination:

The 1998 redenomination of the Russian ruble stands as a key moment in the currency's history. Before this event, the country was dealing with hyperinflation, with the value of the ruble dropping rapidly. In January 1998, 1000 old rubles were exchanged for 1 new ruble. The redenomination aimed to restore public confidence in the ruble by establishing a new, more stable starting point.

6. Unprecedented Challenges in 2022:

The 2022 invasion of Ukraine triggered unprecedented sanctions, leading to the ruble's decline since 1998. However, capital controls and other measures stabilized the ruble faster than expected. The long-term economic impact of the invasion and sanctions remains uncertain, posing additional challenges to the ruble's stability.

7. The Ruble's Future

In recent years, the ruble's value has been influenced by various factors, including oil prices, geopolitical tensions, and the actions of the Central Bank of Russia. The ruble's future is dependent on  Russia's economic and political landscape. The introduction of a digital ruble is being piloted, reflecting ongoing efforts to modernize the currency and prepare for future financial developments.

Significance of the Russian Ruble

The Russian Ruble holds significant historical and geopolitical importance. Originating in the 13th century, the currency has witnessed various transformations, including revaluations and devaluations. As one of the oldest currencies still in use, the Russian Ruble (RUB) is significantly impacted by global oil prices, given Russia's crucial role as a major exporter of oil and natural gas. 

Geopolitical events, specifically Russia's conflicts with Ukraine and the resultant sanctions imposed by various nations, have played a substantial role in affecting the exchange rate of the Ruble. Despite the challenging conditions, Russia has taken a pioneering step by introducing a Central Bank Digital Currency. The Bank of Russia continues to wield influence over the value of the Ruble through the implementation of various monetary policies.

Current Russian Ruble Notes & Coins

1. The present banknotes of the Russian rubles are available in denominations ranging from 10 to 10,000 rubles. 

2. Featuring prominent structures and monuments, the obverse side of the banknotes showcases iconic landmarks like the Yenisey River bridge in Krasnoyarsk, the Bolshoi Theatre building in Moscow, a monument to Peter the Great in Arkhangelsk, and another to Yaroslav I in Yaroslavl. 

3. In contrast, coins are denominated from 1 to 50 kopecks, including values from 1 kopeck to 10 rubles.

4. A noteworthy addition to the currency was the introduction of a 10-ruble coin made of brass-plated steel with optical security features in October 2009. 

5. A series of circulated Olympic memorial coins, valued at 25 rubles and composed of cupronickel were also circulated in 2011.

6. In a move towards modernization, the Central Bank of Russia introduced two new banknotes, 200 RUB and 2000 RUB  in 2017. 

7. The selection of symbols and cities featured on these notes was determined through a vote held in September 2016, where Russian internet users participated in an online poll conducted by the Bank of Russia.

 8. The unveiling of these new icons took place in February 2017.

9. Several limited-edition coin denominations are still in circulation, serving as a commemorative symbol for significant national historical events and anniversaries.

How to Spot Counterfeit Russian Ruble Notes?

Identifying counterfeit Russian Ruble notes requires a keen eye for distinct security features. Firstly, a quick assessment involves checking for color-shifting ink in the denominational information on the bill, a characteristic of genuine notes. The watermark, a consistent security feature on authentic banknotes, must match the printed face exactly, and any blurriness is a clear indication of counterfeiting.

Blurry borders, lettering, or writing on a banknote are other signs of counterfeiting, as genuine notes exhibit finely printed lines. Genuine banknotes also incorporate micro printing, delicately written text found in key areas. If the microprinting is unclear, even under a microscope, it suggests a counterfeit note. Another method involves checking for raised printing, a challenging feature for counterfeiters to replicate. 

How Do We Measure The Value Of RUB?

The value of RUB is measured with the help of the RUB Index. It assesses the ruble’s value against a basket of foreign urrencies. This custom index is like a dependable guide that tells us how the RUB is holding up in the global market.

What is the Russian Ruble Index (RUBX)?

The Russian Ruble Index (RUBX) offers a clear perspective on the performance of the RUB, providing valuable insights into its relative value against a diverse range of international currencies. This custom index proves crucial for traders, policymakers, and analysts seeking a comprehensive understanding of the RUB’s performance.

Here are a few key points about the Russian Ruble Index:

1. The RUB Index considers a diverse basket of major currencies, offering a well-rounded assessment of the RUB’s performance.

2. A rising RUB Index indicates a strengthening position of the Russian Ruble concerning the other currencies included in the index. 

3. On the contrary, a declining RUB Index signals a weakening position of the Russian Ruble relative to the other currencies within the index. 

Benefits of Buying or Selling RUB with BookMyForex

You can buy or sell RUB  online at the best rates with BookMyForex, a leading forex platform in India. On our site, you will find the live & transparent RUB rates as the rates get updated every 3 seconds. You get the following benefits when buying or selling RUB: 

1. BookMyForex offers the best rate for RUB to INR, or vice versa

2. You can place your order online 24x7 at live rates

3. Rates are compared across hundreds of money changers in your area

4. Same-day delivery of RUB currency notes is available

5. Freeze your desired rates for up to 3 days by paying a refundable deposit of 2%