May 21, 2024

Columbus Post

Complete News World

The ruble is rising to new heights despite the Russian default

The ruble, the national currency, which was not inspired by the Russian default earlier in the week, hit new highs last night against the major currencies, the dollar and the euro. “For the first time since May 28, 2015, the dollar has depreciated by 52 rubles. For the first time since May 26, 2015, the euro has fallen below 55 rubles,” Interfax news agency reported after the close of the Moscow Stock Exchange on Tuesday.

Agency monetary experts point to the upcoming tax in Russia and higher oil prices as reasons for the ruble’s strength. After a sharp fall shortly after the start of the war of aggression ordered by Kremlin leader Vladimir Putin, the ruble has been on a recovery trajectory for several months and has now reached a two-fold low.