USD/RUB loses ground below the 98.00 mark during the early European session on Wednesday. The pair currently trades around 97.70, up 0.79% on the day.
Russian central bank deputy governor Alexei Zabotkin said on Tuesday that Russia's economic growth this year will be towards the top end of the 1.5%-2.5% expected range, per Reuters. Furthermore, Russia’s Finance Minister Anton Siluanov forecasted last week that the Russian economy will expand by at least 2.5% in 2023, with inflation hovering around 6%. He also said that he will collaborate with the Central Bank to take all necessary steps to bring down inflation to a sustainable level.
However, the upside of RUB seems limited as the country has increased its military spending objective for 2023 to more than $100 billion, representing a third of all state expenditure, as the escalating costs of the Ukraine conflict place an increasing strain on Moscow's finances. This, in turn, might act as a tailwind for the USD/RUB pair.
On the US Dollar front, market participants speculate a 25 basis point rate increase from the Federal Reserve for the entire year, bringing rates to 5.75%, according to the World Interest Rates Probabilities tool. Fed Governor Christopher Waller stated that the Fed has further room to increase interest rates, but the data will determine whether theMoving on, market participants will focus on the US ISM Services PMI data due on Wednesday ahead of the weekly Initial Jobless Claims on Thursday.
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