Ruble approaches five-year high

The Russian ruble strengthened above RUR 64 per dollar and reached a nearly five-year high against the euro, Reuters reports.

The Russian currency is almost 1% stronger against the dollar at 63.96 this week, close to its strongest since early February 2020 (62.62), which it hit last Friday.

Against the euro, the ruble rose 1% to 66.39, staying near its strongest level since June 2017 of 64.94.

According to market participants, the ruble has been firming on the back of continuing restrictions on currency trading. Russia’s tight regulatory measures have made the ruble the world’s best-performing currency this year.

“The ruble strengthening today may be moderate, but the dollar could gradually decline to 62,” Promsvyazbank analysts commented.

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