The ruble continued to strengthen against the dollar and the euro

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Russia’s national currency strengthened today on the Moscow Stock Exchange to about 63 rubles per dollar, reaching the level it was at the beginning of February 2020 for the first time, while it reached a new five-year maximum against the euro.

In trading up to 7:23 Central European Time, the ruble has stabilized at 63.32 rubles per dollar, after previously hitting the level of 62.6250, the strongest since February 5, 2020. Banks, however, banks offer to buy rubles much weaker course, Reuters reports.

At the beginning of today’s session, the Russian currency jumped against the euro to 64.9425 rubles, which is its strongest exchange rate since the middle of 2017, but later during trading it dropped by 0.8 percent to 65.80 rubles per euro.

This year, the ruble became the most successful currency in the world, supported by capital controls introduced by Russia in late February to protect the financial sector and prevent the outflow of foreign exchange due to Western sanctions imposed over Moscow’s attack on Ukraine.

According to the New York agency, the ruble has strengthened against the US dollar by more than 11 percent since the beginning of the year. In the international currency market, the ruble exchange rate rose even more, by about 12 percent.

The strengthening of the ruble was driven by the monetary regulator’s decision that export-focused companies must convert their foreign exchange earnings into domestic currency, while demand for foreign exchange was limited as imports to Russia fell due to logistics disruptions and harsh Western sanctions.

On Thursday, President Vladimir Putin pointed out the growth of the ruble as an example of Russia’s good performance under sanctions.


Source: Vesti online by www.vesti-online.com.

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