The Russian ruble has surged against the dollar to levels not seen since March 2018, with the ruble gaining nearly 30% against the dollar this year, making it the world's best performing currency. Despite the overall economic crisis in Russia.
According to Arabiya Net, this rise was supported by sales by companies focusing on exports in foreign currencies, ignoring a slight easing of capital restrictions.
The ruble is subject to capital controls that were imposed in late February to protect Russia's financial sector, after Moscow's decision to invade Ukraine prompted unprecedented Western sanctions.
At 0725 GMT, the ruble was 0.7% stronger against the dollar at 57.44, after jumping to 56.61 on the Moscow Stock Exchange for the first time in more than four years .
Against the euro, the ruble rose 0.9% to 59.57, hovering near a seven-year high.
The strength of the currency has raised concerns about the negative impact on Russia's budget revenue from exports. On Monday, Russia lowered the percentage of foreign exchange earnings that exporters must convert into rubles to 50% from 80%.
Dmitriy Polevoy, chief investment officer at LockoInvest, said that despite a slight easing in capital controls, the ruble could rise to 55 against the dollar in the near term, according to the report. What was reported by Reuters.
For its part, Sinara Investment Bank sees in a note that the ruble may return to levels of 60-65 against the dollar in June, according to the agency.
The ruble was weaker in the banks. Sberbank, Russia's largest bank, offered to sell dollars and euros for 58.20 and 60.38 rubles, respectively.
