Russian ruble rises by 1pct against US dollar, Euro | MENAFN.COM

Thursday, 07 July 2022 02:32 GMT

Russian ruble rises by 1pct against US dollar, Euro


(MENAFN) According to trade figures from the Moscow Exchange, the Russian ruble strengthened on Tuesday, rising more than 1 percent against the United States dollar and the euro.

For the first time since June 30, 2015, the dollar to ruble exchange rate dropped under 55 at the start of the session. The exchange rate amongst the euro and the ruble, which was under 58 rubles per euro, was also at a seven-year low.

In anticipation of significant tax obligations and elevated commodities market costs, the ruble is strengthening against both of the world's leading reserve currencies. At the end of June, Russian exporters sell foreign currency to pay their taxes in rubles. The high is anticipated for June 27–28, and economists believe that the ruble is going to continue to rise over the next week, rising to 50 rubles per dollar and 55–56 per euro.

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