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Russian Ruble or Rouble is the official currency of the Federation of Russia and Belarus. It was also the official Russian currency of Soviet Union and Russian Empire before it broke down into separate states.
The Russian Ruble has been the currency of Russia since the past many centuries and is derived from the Russian word ‘rubit’ meaning ‘to chop’. In the ancient ages of the medieval Western Europe the Russian Ruble was equal to a mark, which was a unit of measurement for gold and silver in the past ages.
The Russian Ruble which is currently in use was formally introduced in the year 1992, after the split of former USSR. Thereafter, high inflationary periods during 1992-1995, raised several questions about banknotes. Finally in the year 1998, a new Russian Ruble replaced the former one at the rate of 1:1000.
The official rate of exchange of the Russian Ruble against the foreign currencies is determined by the Central Bank of the Russian Federation. This rate of exchange is used for all kinds of payment purposes to international organizations as well as for taxation and trading purposes.
The Russian Ruble is denominated by RUB and the current rate of exchange of is 1 RUB= 0.040243 U. S. dollars.
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