Analýza vývoje měnového kurzu ruského rublu v období 1992 - 2012

This Bachelor's thesis is primarily focused on the analysis of changes in the Russian ruble currency exchange rate in the long term period of between 1992 and 2012. In the first part I describe the exchange-rate policy of the Russian Federation, then I analyse the development in the exchange-rate system and application of the exchange-rate interventions by the Central Bank in the mentioned period. In the second part focus is shifted to the fundamental analysis. Here I work with nominal and real exchange rate of the Russian ruble, purchasing power parity theory and inflational differential. I continue to analyse payment balance theory and changes in the oil prices. In the third part I write about the exchange-rate crisis in Russia in 1998. I go into details discussing reasons that led to that crisis, the crisis itself and its various later implications.