The ruble has reached its highest level in 2.5 years – Why is it rising?

The ruble continued to strengthen, reaching its highest level in 2.5 years.
Yeniavaz.com reports, citing Russian media, that the dollar exchange rate on the Russian over-the-counter currency market fell below 75 rubles for the first time since May 2023.
According to trading data, the US currency fell 3.2% during the day, reaching 74.76 rubles. The rate later partially recovered and reached 76.81 rubles, while the rate of decline slowed to 0.5%.
Experts attribute the unexpected strengthening of the ruble to active currency sales by major exporters. It is noted that in December, the money supply typically increases due to budget settlements, which weakens the ruble. It is noted that the Central Bank's increase in daily foreign currency sales from 9 billion to 14.5 billion rubles under the budget rule since December 5 has given additional impetus to the ruble's strengthening. The likelihood of increased sales by the Central Bank has heightened market expectations.
Experts do not rule out the ruble strengthening to the 70-75 ruble range. However, they believe this trend will not be long-term. According to forecasts, the exchange rate will stabilize at 77-80 rubles in December-January, and then begin to weaken again. The baseline scenario for 2026 assumes that one dollar will be worth 100 rubles.