diff --git a/lib/versioning/ruby/index.ts b/lib/versioning/ruby/index.ts
index 6778528869f2e7..0da4b089940c0d 100644
--- a/lib/versioning/ruby/index.ts
+++ b/lib/versioning/ruby/index.ts
@@ -69,13 +69,16 @@ const minSatisfyingVersion = (versions: string[], range: string): string =>
 const getNewValue = (
   currentValue: string,
   rangeStrategy: RangeStrategy,
-  _fromVersion: string,
+  fromVersion: string,
   toVersion: string
 ): string => {
   let result = null;
   if (isVersion(currentValue)) {
     return currentValue.startsWith('v') ? 'v' + toVersion : toVersion;
   }
+  if (currentValue.replace(/^=\s*/, '') === fromVersion) {
+    return currentValue.replace(fromVersion, toVersion);
+  }
   switch (rangeStrategy) {
     case 'pin':
       result = pin({ to: vtrim(toVersion) });
diff --git a/test/versioning/ruby.spec.ts b/test/versioning/ruby.spec.ts
index 1fd0771805cda8..1bc303b860c001 100644
--- a/test/versioning/ruby.spec.ts
+++ b/test/versioning/ruby.spec.ts
@@ -357,7 +357,7 @@ describe('semverRuby', () => {
       [
         ['1.2.3', '1.0.3', 'pin', '1.0.3', '1.2.3'],
         ['v1.2.3', 'v1.0.3', 'pin', '1.0.3', '1.2.3'],
-        ['1.2.3', '= 1.0.3', 'pin', '1.0.3', '1.2.3'],
+        ['= 1.2.3', '= 1.0.3', 'pin', '1.0.3', '1.2.3'],
         ['1.2.3', '!= 1.0.3', 'pin', '1.0.4', '1.2.3'],
         ['1.2.3', '> 1.0.3', 'pin', '1.0.4', '1.2.3'],
         ['1.2.3', '< 1.0.3', 'pin', '1.0.2', '1.2.3'],
@@ -431,6 +431,11 @@ describe('semverRuby', () => {
         semverRuby.getNewValue('~> 1', 'replace', '1.2.0', '2.0.3')
       ).toEqual('~> 2');
     });
+    it('handles explicit equals', () => {
+      expect(
+        semverRuby.getNewValue('= 5.2.2', 'replace', '5.2.2', '5.2.2.1')
+      ).toEqual('= 5.2.2.1');
+    });
 
     it('returns correct version for replace strategy', () => {
       [