REUTERS: Russian Ruble Firms Up to 7-year High, “Making it the World’s Best-Performing Currency”

Lazy eyes listen
  • Russia’s rouble hits near 7-yr high vs euro
  • Currency propped up by capital controls
  • Hits 58.68 vs euro, gains over 4% vs dollar

May 23 (Reuters) – The Russian rouble firmed more than 6% against the euro on Monday to a near seven-year high, boosted by capital controls, strong oil prices and an upcoming month-end tax period.

By 1338 GMT, the rouble had gained 6.3% to trade at 58.75 versus the euro , its strongest point since early June 2015.

It was 4.6% stronger against the dollar at 57.47, not far from 57.0750, its strongest mark since late March 2018, hit on Friday.

The rouble has firmed about 30% against the dollar this year despite a full-scale economic crisis in Russia, making it the world’s best-performing currency – albeit artificially supported by controls imposed in late February to shield Russia’s financial sector after its decision to send tens of thousands of troops into Ukraine prompted unprecedented Western sanctions.

Read full: https://www.reuters.com/markets/europe/rouble-firms-heading-back-towards-multi-year-highs-vs-dollar-euro-2022-05-23/