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Ruble becomes best-performing currency in March, soars to 83 to the dollar
By Krishna Kant
Business Standard, New Delhi, India
Tuesday, March 29, 2022
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 6% against the U.S. dollar from its lows in the first week of March.
The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
Thanks to the recent rally, the ruble is only about 10% lower than what it was before the Russian invasion of Ukraine on February 24. The ruble was trading at around 76 before the invasion, according to the data from Bloomberg.
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Analysts say the post-invasion depreciation in the ruble is modest, considering the severity of European and American sanctions on Russia.
As part of the sanctions, the United States and European Union froze nearly half the Russian central bank's $640-billion foreign exchange reserves held in banks outside Russia. ...
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