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The 4-year-old and the 7-year-old reached the ruble against the dollar and the euro respectively on Friday

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The Russian ruble hit a four-year high against the dollar and a nearly seven-year high against the euro on Friday.

In particular, on Friday, the Russian ruble rose more than 7% against the dollar, reaching the levels last seen in March 2018, due to the controls on the movement of funds set by Russia and domestic tax payments, which usually lead to increased demand for the currency.

The ruble has stabilized almost 30% higher against the dollar in 2022 despite the economic crisis, and has become the best-performing currency artificially backed by capital controls imposed in late February to shield the financial system. The exchange rate was at 58.90 rubles against the dollar in trading on the Moscow Stock Exchange, and reached up to 57, 0750 rubles, a level last observed in late March 2018. The dollar is down 21% in May.

Against the euro, the ruble rose more than 5% to 60.86, after reaching 59.02, the highest level since June 2015. The euro has fallen by 26% in the last four weeks.

< The ruble is backed by export-oriented companies that are forced to convert their earnings into foreign currency following Western sanctions that froze nearly half of Russia's gold and foreign exchange reserves. p>

“Exporters are forced to sell (currency) and there is no one to buy it,” said a stockbroker at an investment company in Moscow.

Preparing to pay taxes at the end of the month They also boost demand for rubles, while demand for dollars and euros remains low due to disruption in Russian import chains and restrictions on foreign exchange withdrawals from banks and their relocation outside Russia.

Kirill Tremasov, head of the monetary policy department of the Central Bank, said on Friday that the ruble remains a currency of free circulation, in according to the RIA news agency.

Source: politis.com.cy

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