RT.com
12 May 2022, 23:13 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 Greek Herald 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 Greek Herald.
More InformationMOLINE, Illinois: After missing Wall Street revenue targets, Deere and Co. said it was having difficulty securing parts for its ...
HANOI, Vietnam: Vietnam's government announced that it has removed Le Hai Tra, general director of the Ho Chi Minh Stock ...
NEW YORK CITY, New York: Tech firms have slowed or frozen hiring, and even accelerated layoffs, in response to the ...
MOSCOW, Russia: McDonald's has announced that it will sell all its branches in Russia to one of its local licensees, ...
NEW DELHI, India: Skyroot, India's first privately held company to design, build and test a solid rocket propulsion system, successfully ...
DUBLIN, Ireland: In a message sent to the international high tech community, Ireland's state planning watchdog has ordered the South ...
New Delhi [India], May 26 (ANI): Weeks after the Central government banned wheat exports to control price rise, the Centre ...
Kabul [Afghanistan], May 26 (ANI): The Taliban have signed an agreement with the United Arab Emirates on operating airports in ...
ATHENS - Greece will send Iranian oil from a seized Russian-flagged tanker to the United States at the request of ...
Washington - The United States' top negotiator for Iran nuclear talks made the case to lawmakers Wednesday for sticking with ...
Paul Blackburn allowed only one hit in 5 1/3 scoreless innings as the Oakland Athletics escaped the American League West ...
ANKARA, Turkey - A senior Turkish official insisted after talks with Swedish and Finnish officials Wednesday that Turkey would not ...