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Russian Ruble Near 5-Year Highs versus Euro

by Carl Steward
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rouble dollarRussian Ruble Near 5-Year Highs versus Euro

The Russian ruble surged beyond 64 percent on Monday, momentarily reaching 62.71 to the greenback. It rose to its best level in nearly five years versus the euro, aided by continued currency trade restrictions.

The ruble has been the world’s best-performing currency this year, despite artificial help from capital controls implemented by Russia in late February to protect its financial sector after it launched tens of thousands of troops into Ukraine.

According to central bank figures released on Monday, Russia’s current account surplus more than tripled from January to April to $95.8 billion, bolstered by more significant import receipts and a decline in imports. The ruble was 1.5 percent firmer against the dollar at 63.59, close to its highest level since early February 2020, when it hit 62.6250 on Friday.

The ruble surged 1.6 percent against the euro to 66.05, remaining close to its highest level since June 2017 of 64.9425, which it reached on the Moscow Exchange on Friday.

The impasse between Moscow and the West and fears of fresh penalties to punish Russia for what it terms “a special military operation” in Ukraine are in the spotlight. However, their impact is mitigated by requiring export-focused businesses to convert foreign currency and other constraints.

Today, the ruble’s strength may be slight, although the dollar rate may progressively fall to 62.

Russian Stock Indexes Have Risen

The dollar-denominated RTS index (.IRTS) rose 3% to 1,165.7 points. The MOEX Russian index (.IMOEX) in rubles increased 2% to 2,354.1 points.

The MOEX index could approach the 2,400-2,500 range this week.

The dollar fell against other major currencies for the third day on Tuesday, dampening a protracted advance as investors sold out and reduced bets on interest rate hikes in the United States, driving further gains.

The Chinese yuan has also stabilized after a precipitous drop of more than 6% in a month. It was last worth $6.7795 per dollar. The euro increased modestly to $1.0442, while the Antipodean currencies increased by around 0.5 percent.

The dollar index has returned to 104.169, nearly 0.8 percent lower than last week’s two-decade high of 105.010.

The post Russian Ruble Near 5-Year Highs versus Euro appeared first on forexinsider24.com.

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