RT.com
12 May 2022, 18:43 GMT+10
Bloomberg says the Russian currency topped 31 major peers in growth this year
The Russian ruble has eclipsed 31 major currencies in growth since the start of 2022, becoming the globe's best-performing currency, Bloomberg reported on Wednesday.
According to the publication, the ruble has strengthened against the US dollar by more than 11% since the beginning of the year. On the international currency market, the ruble exchange rate has shown even greater growth of about 12% so far.
During trading on the Moscow Exchange on May 12, the exchange rate dropped to 65.07 rubles against the US dollar and 68 rubles against the euro - its strongest against the latter since January 2020.
The Russian currency overtook the Brazilian real in terms of dynamics, which also showed significant growth of almost 9%. Third position in the best-performing currency ranking is occupied by the Mexican peso with a growth of 1% against the greenback.
The ruble dropped to historic lows against both the dollar and the euro in March after the US and its allies imposed severe economic sanctions on Russia over the conflict in Ukraine.
However, the Russian currency began to strengthen dramatically after the government introduced a series of support measures and has been on the rise since then. In addition to the introduction of temporary capital controls, the Russian Ministry of Finance has obliged Russian exporters to sell 80% of their foreign exchange earnings. The introduction of a ruble-based mechanism for gas export payments also helped stabilize the ruble, increasing the supply of the currency on the market and boosting the ruble demand.
Other countries, most notably, Turkey and Argentina, have also recently introduced capital controls, but failed to achieve the same results as Russia, Bloomberg notes. Since the beginning of 2022, the Turkish lira has depreciated by 13% against the dollar, while the Argentine peso is down by 12.3%.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Peking Press news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Peking Press.
More InformationNEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
(New York) - China's government has erased Hong Kong's freedoms since imposing the draconian National Security Law on June 30, 2020,...
New Delhi [India], July 6 (ANI): A team of Crime Branch cracked down illegal trade of Chinese Manjha and nabbed three with huge consignment...
BEIJING, July 7 (Xinhua) -- China on Sunday released a list of what it has determined to be the 30 most pressing scientific questions,...