What will happen to the dollar, euro and Russian ruble in October 2026

In October 2026, a period of relative stability is predicted in the foreign exchange market of Belarus without sharp jumps in devaluation. Against the backdrop of the end of September fluctuations, when the US currency briefly updated local highs, and then adjusted to around 3.02-3.03 Belarusian ruble, experts expect a conservative movement of rates. The foreign economic situation in the Russian Federation will remain the main supporting factor for the Belarusian ruble.

Below is a detailed analysis of what figures in exchanges to prepare Belarusians in the second month of autumn.

The US dollar: squeezed in the corridor

September made those who used to keep savings in the US currency nervous: the dollar managed to demonstrate both a sharp rise and a subsequent pullback. Analysts agree that the Bank of Russia will continue to hold the Russian ruble in a narrow forecast corridor. Due to the tight peg of the Belarusian currency basket to the Russian market, a similar situation is expected in Minsk.

According to financial analysts, the average dollar exchange rate in October will be fixed in the region of 3.01-3.08 rubles per unit. A significant weakening of the position of the National Bank until the end of autumn is not predicted, although long-term forecasts of the Eurasian Development Bank (EDB) still indicate a smooth growth of the average annual exchange rate towards higher marks towards the end of the year.

Euro: under pressure from the global market

The dynamics of the European currency in Belarus will continue to depend entirely on the behavior of the EUR/USD pair on world markets. At the end of September, the euro noticeably lost ground against the background of the tight monetary policy of the US Federal Reserve System.

1. 1.World benchmark: Experts predict that the ratio of the euro to the dollar in October will stabilize in the range of 1.135-1.145.
2. 2.Belarusian market: At the bidding of the Belarusian Currency and Stock Exchange (BVFB), the official euro rate is forecast to balance between 3.43-3.46 Belarusian rubles.

There are no sharp incentives to strengthen the euro, so the EU currency will remain a stable but passive instrument.

Russian ruble: reliance on expensive oil

For the Russian currency, October is traditionally a month of high business activity and large tax payments of exporters. Additional support for the Russian ruble will be provided by revenues from the sale of hydrocarbons at relatively high prices in late summer and early autumn.

Despite the fact that the Ministry of Finance of the Russian Federation can increase net purchases of currency within the framework of the budget rule, experts see no reason for a serious weakening of the “Russian”. On the Belarusian market, a hundred Russian rubles will be traded in the range of 3.55-3.61 Belarusian rubles. The stability of this currency guarantees Minsk a calm October without inflationary shocks.

Forecast of exchange rates for October 2026

Currency

Current benchmark (end of September)

Forecast range for October

1 USD (US dollar)

3.02-3.03 BYN

3.01-3.08 BYN

1 EUR (Euro)

3.44-3.45 BYN

3.43-3.46 BYN

100 RUB (Russian ruble)

3.58-3.59 BYN

3.55-3.61 BYN

Summary for investors and ordinary Belarusians: October 2026 is suitable for planned purchases of currency, but analysts do not see clear signs for panic buying of green or euro. The Belarusian ruble feels confident thanks to balanced foreign trade and high rates on ruble deposits, which continue to restrain excessive consumer demand for foreign currency.

Please note that this article is not an official individual investment recommendation. The financial market is volatile and there are no absolute forecasts. Please make any decisions consciously, weigh all risks and rely on your own financial capabilities.

1. 1.See also: Buying gold bars and measuring coins in banks of Belarus: is it worth investing in precious metals in the autumn of 2026