The Russian ruble appreciates to a record high within 2 years against USD, euro

The Russian ruble continuously appreciates against the dollar – Photo: REUTERS

On 4-5, the ruble rose 0.7% against the USD, trading at the exchange rate of 1 USD to 70.49 rubles, the highest level since June 2020.

Against the euro, the ruble rose 1.2%, trading at 1 euro for 73.84 rubles, the highest level since February 2020.

Shares at Sberbank rose 0.3% after the European Commission proposed removing Russia’s largest bank and two other banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Russian stock indexes reacted mixed. The dollar-denominated RTS index rose 1.2% to 1,094 points. The ruble MOEX index fell 0.2 percent to 2,439 points.

“Although the ruble’s return to pre-conflict levels may not be as meaningful as it once was, in light of the current sanctions and capital controls, Russia is coping with the situation better. what the West expects,” Reuters news agency quoted information from the Dutch bank Rabobank said.

In March, the ruble fell to a record, losing more than 40% of its value from the beginning of the year, when the West enacted sweeping sanctions.