The Russian ruble has risen to a seven-year high against the US dollar and the Euro

The Russian ruble has risen to a seven-year high against the US dollar and the Euro

Quoted from MOSCOW Reuters . The Russian ruble jumped to a seven-year high against the dollar and the euro on the Moscow exchange on Tuesday, boosted by curbs on capital movements and month-end tax payments.

At 1600 GMT, the ruble was up 3.22 percent at 53.84 against the dollar, its strongest since June 2015.

Against the euro, the ruble rose 4.02 percent to 56.48, its highest level since May 2015.

The ruble, which has become the world’s best-performing currency this year, has been boosted by rising Russia’s revenue from commodity exports, a sharp fall in imports and a ban on household withdrawals from foreign currency savings.

The ruble will also benefit from corporate tax payments early next week. This means converting revenue in dollars and euros into rubles for companies that focus on exports.

Price evolution during 2022

When the Russian war broke out on February 24, the Russian ruble was trading near levels of 84 rubles to the dollar, and 4 months after the invasion, the ruble appreciated by about 35%, according to today’s prices.

The Russian ruble jumped during the month of June against the US dollar from the levels of 61.5,000 rubles to the dollar at the end of last May to the current levels, an increase of about 12%.

On the other hand, the ruble rose against the dollar since its fall to its lowest level ever after the Russian invasion of Ukraine by 68%, down from 158.3 rubles to the dollar to 54.2 rubles dollars.

The Russian currency ended 2021 transactions at levels of 74.6539 rubles per dollar, meaning that the ruble has risen by more than 268% since the beginning of the year, to become the best performing currency against the US dollar during 2022.