Russian ruble continues to rise amid sanctions

Data from the Moscow Exchange shows that the Russian ruble continues to strengthen against USD and euro on April 18, reaching the highest level against the common currency since April 8.

The Russian ruble appreciated despite the easing of capital controls by the Central Bank of Russia. On April 18, the Central Bank of Russia lifted a ban that had been in place since late February for individuals buying foreign currency in rubles.

As of 11:35 GMT on March 18, USD rate and the ruble rose 1.12%, trading at 79.1 rubles/USD. The exchange rate of the ruble and the euro increased by 4.14%, to 81.81 rubles/euro.

“Thanks to the measures taken by the Central Bank of Russia, the ruble is virtually unaffected by external pressures. High oil prices as well as tax payments by exporters until the end of April supported the exchange rate of the Russian ruble” – Maxim Timoshenko, head of Financial Market Operations at the Bank Russian Standard, said.

Another expert, Bogdan Zvarich, chief analyst at financial platform Banki.ru, said that the main factor supporting the Russian currency “may be an increase in liquidity demand in rubles from exporters” before tax payments”.

The ruble has been gradually strengthening against major currencies since the beginning of April, when Russia announced a payment mechanism export of gas in rubles.

Earlier, the Russian currency fell to historic lows amid sanctions against Russia imposed in response to its military campaign in the country. Ukraine.

In early March, the ruble fell to as low as 150 rubles per dollar but has since nearly doubled in value.