RT.com
20 May 2022, 19:14 GMT+10
The Russian currency strengthens ahead of upcoming tax payment
The Russian ruble reached its strongest position against the US dollar in over four years and reached a seven-year high against the euro on Friday. The ruble is being propelled by recently introduced capital controls, Russia's new ruble-based gas payment scheme and looming tax payments for corporations pushing up demand for the currency domestically.
The exchange rate reached 57.67 rubles per dollar at 08:13 GMT, its firmest against the US currency since March 2018, according to data from the Moscow Exchange. The ruble also gained nearly 5% on the euro, with the exchange rate now below 60 rubles per euro, hitting a seven-year high.
The Russian currency has become the world's best-performing currency this year despite its sharp drop in April sparked by unprecedented economic sanctions placed on Russia. However, it has since strengthened due to measures introduced by the Russian Central Bank and the government. The upcoming tax payment is pushing the ruble higher, as it traditionally requires extra conversion of foreign currency to rubles.
Russia's stock indices have also been on the rise. The dollar-denominated Moscow Exchange index grew by 0.33%, up to 2,444.57 points, while the ruble-denominated RTS index edged higher by 0.72%, up to 1,254.69 points around 07:04 GMT, data from the trading floor shows.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of St Petersburg Star 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 St Petersburg Star.
More InformationISLAMABAD, Pakistan - Given the country's ongoing economic crisis and acute fuel shortage, the Pakistan government is considering purchasing oil ...
JAKARTA, Indonesia: Indonesian President Joko Widodo has said that he will urge his Russian and Ukrainian counterparts to open peace ...
PARIS, France: Amidst shortages and soaring prices caused by Russia's invasion of Ukraine and subsequent supply cuts, the heads of ...
ISLAMABAD, Pakistan - The Foreign Office (FO) revealed on Monday that a member of the five-nation BRICS summit "obstructed Pakistan's ...
WASHINGTON D.C.: In the latest in a series of sanctions aimed at further isolating Russia economically over its invasion of ...
At least 21 people were killed and dozens injured early Friday in Russian missile strikes in Ukraine's Odesa region. At ...
DUBAI, UAE: The Arab states have built significant amounts of solar and wind power installations, and are in line to ...
LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...
LISBON, Portugal: Tuvalu Foreign Minister Simon Kofe walked out of the opening cermonies of this week's United Nations Ocean Conference ...
SULAWESI, Indonesia: Using just a rope, an Indonesian man, supported by fellow villagers on the island of Sulawesi, captured a ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
ISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...