Ruble companies in the past 63 against the dollar in Moscow, reaching a 5-year high against the euro According to Reuters

(Reuters) – The Russian ruble surpassed 63 per dollar in Moscow on Friday for the first time since early February 2020 and touched a five-year high against the euro, supported by continued continue to restrict currency transactions.

The ruble has become the world’s best-performing currency this year thanks to artificial support from capital controls Russia imposed to protect its financial sector at the end of February following the delivery of goods. Tens of thousands of troops entered Ukraine.

At 0723 GMT, the ruble was steady against the dollar at 63.32, having previously touched 62,6250, the highest level since February 5, 2020, but banks are offering to buy the currency. rubles at a much weaker rate.

Promsvyazbank analysts said they expected the ruble to move higher early Friday, but it is likely to fall back to 65 against the dollar by the end of the session as market investors School closes positions on weekends.

The ruble lost 0.8% to trade at 65.80 against the euro, moving away from 64.9425, which it touched in initial trading. That was the strongest level since mid-2017.

The ruble was boosted by export-focused companies having to convert their foreign currency earnings, while foreign exchange demand was limited by falling imports to Russia amid logistical disruptions and sanctions. Western punishment.

President Vladimir Putin on Thursday cited the ruble rally as an example of Russia’s good work under sanctions.

Russian stock indexes all fell.

The dollar-denominated RTS index fell 0.3 percent to 1,136.8, having previously hit its strongest point since Feb. 22. The Russian MOEX ruble index was 0.4 percent higher at 2,287, 9 points.

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