Importance of the RUB
RUB, or Russian Ruble has emerged as one of the strongest currencies across the globe. However, the stability of the currency was hampered by its geopolitical actions and sanctions that were imposed on the Russian region when its value dropped by nearly 25% but that ain't the case anymore. Several factors like the rise in the value of oil prices, reduction in Russian imports, and control over its credits have helped the currency make a comeback. Foreign investors have also grown higher interest in the currency and currently, the Russian Ruble is of high value in the global markets.
Introduction to the Russian Ruble Currency
The Russian Ruble is the official currency of the Russian Federation and is issued and controlled by the region's central bank. Its origin goes back to 1704 under the ruler ship of Peter and so, it is also the second oldest currency of the world, after the British Pound that is still in circulation. Afterwards, the silver Ruble was notified to be used as the official exchange unit for the region to be used for payment, trade, and more. Until 1991, the currency's design remained the same, however, it witnessed modifications in 1991. In 1993, when all other Soviet currencies were dissolved, new notes were issued by the Central authorities. Currently, the value of the Ruble is pegged to gold. 1 RUB is equal to 100 Kopeks. The currency notes denominations are 5, 10, 50, 100, 500, 1000, and 5000 and coin denominations are 1, 5, 10, and 50 kopeks and 1, 2, 5, and 10 roubles.
Factors that affect the exchange of the RUB to INR
The exchange rate of RUB-INR keeps on fluctuating a bit since both currencies are not pegged to each other. The current exchange rate of RUB-INR is INR 1.02 per RUB. On the other hand, INR-RUB rates are 0.97 RUB per INR. So, how are these rates determined? There are several factors that impact the rates. Since India imports oil from Russia, international oil prices affect the exchange rates of RUB-INR. Apart from this, the global commodity prices, inflation rates of both countries and economic advancements also affect the exchange rates. The prices of all those products that are traded between India and Russia affect the exchange rate to a great extent.
Convert RUB to INR Online as per Today’s Conversion Rate
Conversion of one currency to another is done on the basis of the current exchange rate. As of RUB-INR, the current exchange rate is INR 1.02 per RUB. This means, in exchange for 1 Russian Ruble, you will receive 1.02 Indian National Rupee. Let's check an example: Omar is a doctor who works in a hospital in Russia. He transfers money to his siblings in India every month. Today is the date when Omar is planning to transfer money. So, as of today's exchange rate, if Omar transfers 20,000 RUB to India, his family will receive INR 21,000.
Convert RUB to INR
When you start planning for RUB-INR conversion or vice-versa, you must begin with calculating the final result before the actual conversion. It helps you in taking an informed decision. In order to do so, you may take the help of the currency converter which is built especially for currency conversion calculation. This online calculator takes your currency input and calculates the result based on the current exchange rate. So, for RUB-INR, certain calculations will be:
1 RUB= INR 1.02
100 RUB= INR 102
1,000 RUB= INR 1,020, and
INR 1= 0.98 RUB
INR 100= 98 RUB
INR 1,000= 980 RUB.
How are RUB-INR Rates Determined?
Who is responsible for determining the forex rates of RUB-INR? This is one of the most obvious questions that may pop into your mind. Owing to the changes in the global market prices and India-Russia relations, the exchange rates also change. The determinants of the exchange rate of RUB-INR are the central banks of both countries. The Central Bank of the Russian Federation and the Reserve Bank of India are the two monetary authorities involved that fixing the exchange rate of RUB-INR. Both of these banks are also entitled with maintaining the currency flow and its administration in the country.
RUB and INR Overview
Friendship relations between India and Russia are not a hidden fact. For decades, both countries have maintained a very healthy and peaceful relationship under the Friendship Treaty. Both countries also share bilateral trade relations that are quite beneficial for both RUB and the INR. India imports oil from Russia while exporting medicines, cars, tea, food products, etc. The symbol for INR is ₹ and that for RUB is ₽. Recently, India also underwent demonetisation of INR to uplift its value and also curb currency counterfeiting. It is only expected for RUB-INR relations to grow in the future. Monetary transactions and travel and tours between India and Russia are also quite common. So, if you wish to convert currency, you may use the currency converter to calculate the amounts.
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