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The Russian currency has reached its highest point since March 2020.

The Russian currency rose to its highest point against the dollar since February 2020.

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On Thursday, the Russian currency rose to its highest point against the dollar since February 2020, aided by capital restrictions. While stock indices rose, investors awaited news on possible additional penalties against Moscow. The currency reached a high of 65.65 per dollar on the Moscow Exchange, but at 1339 GMT, it was at 66.16, 0.2 percent higher than its Wednesday closing value.

Russian Ruble Recovers To Pre-Ukraine War Levels, Inflation Soars

Price Pump of Ruble

The ruble has risen in recent weeks as export-oriented enterprises have been forced to convert foreign money. In addition, due to declining supplies and limitations on cross-border transactions, demand for dollars and euros has been sluggish. Even with all of its new advancements, we believe the ruble may climb to USD/RUB 65, according to Sberbank CIB.

Restrictions impact on Stock Exchange

The ruble is moving more quickly than norma because the stock exchange has been drained by banking system limitations aimed at maintaining financial sustainability. It is due to Russia’s deployment of tens of thousands of men into Ukraine on Feb 24. Nevertheless, since the marketplaces are only open for three days of the week, in the heart of Russia’s lengthy May vacations, trading activity is low. The ruble was 1% firmer against the euro at 69.77, lingering around values of February 2020. New penalties on Russia, along with an oil crisis, have been on the table as the West attempts to further isolate Moscow.

US Federal Reserve impact on Ruble

The ruble was unaffected by the US Federal Reserve’s decision to increase its rate of interest by a full percentage point, the largest increase in 22 years. Investment restrictions affect the direct influence of US financial regulation on the Russian economy. However, Russia would be affected by global inflation and commodity prices. The Russian stock markets were up. The dollar-denominated RTS index increased by 2.8 percent to 1,145.0 points. The currency-based MOEX Russian indicator was up 1.3 percent at 2,403.0 levels.

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