Ruble Runs to Record!

Russia's currency, the Ruble, continues its rise, which it started with the measures it took against foreign currency. It was stated that the ruble reached a record level, reaching its highest level since July 2015 and run to a new Record.

Ruble Runs to Record. The Russian Ruble rose 1.7 percent to $55.44, while it gained 35 percent against the dollar this year. It took its place as the currency that rose the most against the reserve currency. In his assessment, Russia's first Deputy Prime Minister Andrey Belousov stated that one dollar should correspond to 70-80 rubles for the ideal exchange rate. Russia faced heavy sanctions from many countries as a result of the war against Ukraine. While the Russian Ruble followed a fluctuating course with the occupation, Europe's isolation of Russia in the international financial system caused a collapse in the dollar-ruble exchange rate. On March 10, it recorded a record decline, falling to 121.52 rubles. However, Moscow immediately seized on this situation. Russia has decided to introduce mandatory foreign exchange sales to exporters, and some buyers of energy products to pay in rubles. In this way, the Ruble currency reversed its direction and realized a 118 percent rally.