The best growing ruble in the world

Reuters said, Ruble Russia’s currency rose more than 6% against the euro on May 23, to its highest level in nearly seven years. This growth was driven by capital controls, oil prices and the upcoming tax year.

Also follow Reutersthe ruble has gained about 30% against the dollar this year, despite a series of sanctions against Russia.

The currency has appreciated sharply as foreign companies are forced to pay for Russian gas and oil in rubles.

In the event that sanctions against Russia are lifted, the ruble could continue to appreciate further in the medium term, analysts at Tinkoff Investment said. Currently, the foreign exchange rate is at 1 USD, which is more than 55 rubles.

Reuters The supply of foreign currency from exporters, high oil prices and the upcoming tax period will often prompt exporters to convert their foreign exchange revenue into rubles to meet their debts, said the report. domestic. All these factors have contributed to the growth of the coin.

Earlier, Russia announced that half of the 54 customers of the energy giant Gazprom had opened accounts at Gazprombank in the context of the near due gas payment.

“One of the main reasons for the ruble’s recovery is the fact that countries are converting euros to rubles during their gas payments with Russia,” said Yuri Popov, a strategist at SberCIB Investment Research, a unit a member of Sberbank (SBER), said.

Since the beginning of 2022, the Ruble has grown spectacularly against the USD. Despite comprehensive Western sanctions against Russia’s financial system, the ruble’s local currency quickly strengthened.

The Russian Ruble has become the leader in growth among 31 major currencies in the world Bloomberg follow.

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