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.

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