Russian currency strengthens despite sanctions | News
The Russian currency rose 4.14% to 81.81 rubles against the euro and 1.12% against the dollar, trading at 79.1 to the dollar as of 11:35 a.m. local time.
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According to trading data from the Moscow Stock Exchange, the Russian currency hit its highest level against the euro since April 8.
On Monday, Russia’s central bank lifted a ban on individuals buying foreign currency in exchange for rubles since late February.
The head of the Russian Standard Bank’s financial market operations department, Maxim Timoshenko, said that “high oil prices and tax payments by exporters until the end of April are supporting the Russian ruble exchange rate” .
Russia’s national currency, the ruble, strengthened against the euro and the US dollar on Monday, hitting its highest level against the single European currency since April 8, according to trading data from the Moscow Stock Exchange.
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Bogdan Zvarich, chief analyst at financial platform Banki.ru, said increased demand for ruble liquidity from exporters ahead of tax payments could be the main factor supporting the ruble.
Since April, the Russian currency has been gaining ground against major currencies under the Russian program establishing a ruble-based mechanism to pay for gas exports.
Earlier, following sanctions imposed on Moscow following its special military operation in Ukraine, the ruble fell to record lows. It fell to 150 to the dollar in early March, although it has nearly doubled in value since then.