Ruble increases to fresh highs against Dollar, Euro
Date
6/15/2022 3:35:37 AM
(MENAFN) On Tuesday, the ruble rose to fresh highs versus the dollar and the euro on the Moscow Exchange. Russia's central bank has reinstated its benchmark interest rate to pre-war levels, prompting the rise.
On Tuesday, the Russian currency temporarily reached 55.63 rubles per dollar, its highest rate versus the United States currency since February 2018. The ruble was also exchanging around a seven-year high versus the euro, under 58. Later in the session, the Russian ruble gave up some of its gains.
According to experts, capital restrictions and Russia's solid trade account helped the ruble maintain its value. The increased cost of oil, as well as the beginning of the June tax season for exporters, contributed to the faster expansion.
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