The Ruble Becomes Best Performing Currency
The Russian currency, the ruble, has reached its highest level in 4 years against the dollar.
The Ruble Becomes Best Performing Currency. Russia’s currency, the Ruble, which is struggling with the sanctions of Western states due to the Ukraine war, rose to its highest level in 4 years against the dollar.
Experts drew attention to the importance of the ruble continuing its rise against the dollar today, despite reports that Russia is considering easing capital controls.
Despite the aforementioned news, the ruble continued its performance at 56 levels with an increase of 2 percent today.
Despite Western sanctions targeting the Russian economy, the currency has risen nearly 30 percent this year, making it the best-performing currency.
Economists warned that caution should be exercised. Pointing out that the recovery took place very quickly, experts stated that this value gain will hit the budget revenues and reduce competitiveness in exports.
In a statement on the subject, ITI Capital Analyst Alexander Lutsko predicted that the ruble will move in the 60-65 band in the short term. Lutsko said that Russia’s seasonal energy exports will decrease to 65-75 dollars in the third quarter.
Source: Bloomberg HT