CBR attributes weakening of ruble in July to 32% jump in forex purchases by cos

MOSCOW. Aug 11 (Interfax) - The ruble weakened at the end of June amid stronger demand for foreign currency from companies and the strengthening of the U.S. dollar index, the Central Bank of Russia (CBR) said in a report on financial market risks.

"For most of the month, demand for forex from banks' corporate clients remained within the bounds of the previously month's figures. However, at the end of July there was a surge in demand for forex from nonfinancial companies, which could have brought about the weakening of the ruble. In subsequent days the scale of demand stabilized at the average level of the month," the CBR said.

The ruble recovered some of its losses at the beginning of August, strengthening against the main foreign currencies, the CBR said.

Overall forex purchases by companies grew by 32% to 2.1 trillion rubles in July from 1.6 trillion rubles in June.

The country's largest exporters increased forex sales by 7% to $8.1 billion in July from $7.5 billion in June. But average daily net sales fell 11% to $351 million because there were more working days in July than in June. The even distribution of forex sales by exporters within the month eased exchange rate fluctuations on the forex market, the CBR said.

Net forex sales as a share of export revenue decreased to 86% in May from 100% in April. The CBR reports this figure with a lag.

Individuals increased forex purchases by 50% to 119.5 billion rubles in July from 77.9 billion rubles in June, which exceeded the monthly average of 83.4 billion rubles so far this year.

Households purchased 584 billion rubles worth of forex in the first seven months of 2025, which was down by about 40% from 975 billion rubles a year earlier.