Russian ruble rises against the dollar

The value of the national currency (ruble) has risen against the euro and the US dollar, reaching its highest level since April 8 against the euro, according to the Moscow Stock Exchange.

The increase comes despite capital controls imposed by the Russian central bank on Monday. These measures have been in place since late February for people buying foreign currencies in rubles.

The ruble was up 4.14 percent against the euro and 1.12 percent against the dollar.

“Due to the actions of the Central Bank of Russia, the ruble rarely responds to external pressures,” said Maxim Tymoshenko, head of standard banking activities at the Bank of Russia. “High oil prices, as well as export tax payments by the end of April, support the exchange rate of the Russian ruble.”

Rubles since early April, when Russia Mechanism A new ruble-based gas export payments were announced, gradually strengthening against major currencies.

Earlier, Russia’s national currency was at an all-time low due to Western sanctions against the country.

By early March, the dollar had reached 150 rubles. Since then, its value has nearly doubled.

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