RT.com
20 May 2022, 14:44 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 InformationLONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
Green Party lawmakers reportedly want to spend at least 8.5 billion on weapons for Kiev A group of German lawmakers from the Green...
The party believes the criticism of the notorious Soviet leader by his successor Nikita Khrushchev was politically motivated ...
The virus was likely first developed at the University of North Carolina, the analyst claims Covid-19 was almost certainly developed...
(Photo credit: Susan Mullane-Imagn Images) No. 23 seed Clara Tauson of Denmark moved into the fourth round at Wimbledon with a 7-6...
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...