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Ruble smashes four-year high against US dollar

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News Link • Currencies 05-22-2022 •

The Russian ruble reached a four-year high on the US dollar and a seven-year high against the Euro on Friday. The ruble is being propelled by capital controls, the new ruble-based gas payment scheme and looming corporate tax dues, which are pushing up domestic demand for the currency.

Reaching 57.67 rubles against the dollar at 08:13 GMT represents the ruble’s strongest position since March 2018, according to data from the Moscow Exchange. The ruble also gained nearly 5% on the euro, with the exchange rate reaching below 60 rubles per euro.

According to Bloomberg, the Russian currency has become the world’s best-performing currency this year despite its sharp drop in April sparked by unprecedented economic sanctions placed on Russia.

However, it has since strengthened due to measures introduced by Russia’s central bank

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