The CHF/RUB currency pair settled below recent high of 101.431, its strongest level since April 17th, in the wake of the Bank of Russia’s policy decision.
The Bank of Russia (CBR) left its key policy rate without change at a record high of 21% at its April meeting, in line with market consensus.
The central bank noted that despite inflationary pressures were gradually easing, they were still elevated.
The CBR warned a further slowdown in global economic growth and a slump in oil prices could increase inflationary pressure through the Ruble’s exchange rate dynamics.
The CBR projects inflation to ease to 7.0%–8.0% this year and return to 4.0% by 2026. It also kept its 2025 GDP growth forecast without change at 1% to 2%.
In the meantime, US President Trump’s envoy, Steve Witkoff, met Russia’s President Vladimir Putin in Moscow yesterday to discuss the US plan to end the war in Ukraine, while Kremlin foreign policy aide Yuri Ushakov described the meeting as constructive.
Meanwhile, the Swiss Franc faced some pressure following statements by the Swiss National Bank. SNB Chairman Martin Schlegel issued a warning about the potential ramifications of the Trump administration’s tariff policies, emphasizing the significant uncertainties these policies pose to the global economic landscape and Switzerland’s own economy.
The unpredictable nature of trade relations was focused on, as was the potential for disruptions to international commerce due to the duties that remain a concern.
The SNB also expressed its readiness to take further action to support the Swiss economy, stating that it remained open to the possibility of cutting interest rates further if such a measure is proven necessary to maintain price stability.
The CHF/RUB currency pair settled 0.86% lower at 99.802 on Friday.
The exotic Forex pair lost 0.75% for the week.
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