The Ruble reached a two-year High against the Dollar and the Euro

Finance | May 4, 2022, Wednesday // 12:54|  views


The Russian ruble reached a two-year high against the dollar and the euro today, mostly due to strict capital controls in the country and despite the announced next package of EU sanctions, Reuters reported, quoted by BTA.

In morning trading, the ruble rose 0.7 percent against the dollar to 68.62 rubles, its strongest position since June 2020.

Against the euro, the ruble rose 1.2 percent to 73.84 rubles, briefly reaching 72 rubles per dollar, its strongest position since February 2020.

The movements on the Russian foreign exchange markets are carried out under strict capital control, and shares are traded to a limited extent and with a ban on short selling. Foreign players are prohibited from trading in shares of Russian companies without explicit permission.

However, market participants are wondering whether the current ruble exchange rate is stable, given that in early March the ruble fell to record lows after the imposition of the first sanctions by Western countries, according to Reuters.

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Tags: ruble, euro dollar, Russian


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