Ruble makes highest gains in 5 months
Once a troubled currency due complications resulting from US-engineered sanctions, the Russian ruble has made the highest gains in almost five months in what analysts are already describing as a ‘miracle performance’.
In the latest trading in Moscow on Friday, the ruble improved 3% against the dollar and nearly 4% versus the euro, the best performance in over four months.
The currency, the worst performer in 2014, is now the best in 2015. The ruble has recovered 16 percent in 2015, and more than 55 percent since December 16, dubbed ‘Black Tuesday’, when the ruble bottomed out against the dollar at nearly 80 rubles.
The massive upswing has shocked many analysts, but most agreed the ruble has for the most part shaken off its crude curse, or being intrinsically linked to oil prices, Russia Today reported on its website.
In the last month alone, the ruble has appreciated by more than 20 percent. In the week that ended April 3, the Russian Central Bank spent $5.5 billion propping up the ruble.
On Thursday, the ruble reached the 52 mark against the dollar at the close of business.
The ruble has been slowly finding its equilibrium after the Central Bank of Russia began to cut interest rates in 2015 after a surprise hike to 17 percent in December when the currency crisis hit. The main lending rate is now back down to 14 percent.
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