The EUR to RUB exchange rate is currently range-bound, trading around 93.88.
Key drivers for the euro include the potential economic stability from Bulgaria's upcoming Eurozone accession and the European Central Bank’s flexible interest rate policy. Positive growth projections for the Eurozone economy further support the euro. Meanwhile, the ruble faces gradual depreciation due to the Central Bank of Russia's monetary policy, projecting a key rate reduction to stabilize the currency, coupled with slowing GDP growth.
In the near term, the EUR/RUB might trade within a stable range as both currencies react to economic data and geopolitical developments. Upside risks for the euro could come from improved sentiment in oil markets, while downside risks for the ruble may be linked to geopolitical tensions affecting trade dynamics.
Overall, fluctuations in global risk sentiment and commodity prices will likely influence the ongoing performance of both currencies.