Today, Tuesday, the Russian currency hit its highest level in nearly two weeks against its US counterpart since July 5, as the dollar fell below 56 rubles.
By 11:50 Moscow time, the dollar exchange rate fell by 84 kopecks (ruble = 100 kopecks) to 55.50 rubles, and the euro exchange rate – by 63 kopecks to 56.52 rubles, according to the Moscow Exchange.
On the reasons for the recent rise in the Russian currency, Arikapital investment strategist Sergey Sovirov said: “The recent rise in the ruble is associated with the start of the tax period in Russia. At this time, the Russian currency traditionally rises. Oil prices also support the ruble, as it trades above the $100/bbl level.
“In addition to these two factors, there are obsolete factors such as a sharp decline in imports and a record trade surplus. All this allows the ruble to feel confident,” the expert added.
Source: RIA Novosti