The potential appreciation of the Rubble with respect to the Euro in the medium-term is justified by two factors:
As a result of yesterday’s ECB meeting, monetary policy in the Eurozone will remain soft until March 2022. The Hawks managed to win the battle. And this means that the Euro will not have fundamental support towards appreciation in the following 6 months.
Russia’s CB has raised the key interest rate by 0.5% which will favour Rubble’s appreciation.