As a result of the growth of the ruble by 11% against the US dollar since the beginning of the year, Bloomberg has named Ruble the world’s best-performing currency.
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According to Bloomberg, the Russian ruble has outperformed 31 major currencies in terms of growth since the start of 2022, making it the world’s best-performing currency.
The ruble has gained more than 11% against the US dollar since the beginning of the year, according to the publication. On the international currency market, the ruble exchange rate has risen even faster, by almost 12% so far.
On May 12, the exchange rate plunged to 63 rubles per dollar, the most since February 2020, and 65 rubles per euro, the highest in nearly five years, during trading on the Moscow Exchange.
In terms of dynamics, the Russian ruble has surpassed the Brazilian real, which has also experienced tremendous increase of over 9%. The Mexican peso is in third place in the best-performing currency rating, with a 1% increase against the US dollar.
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In March, the ruble hit new lows against the dollar and the euro when the US and its allies placed harsh economic sanctions on Russia over the Ukraine war.
However, once the government implemented a series of support measures, the Russian ruble began to gain substantially and has been rising since then. The Russian Ministry of Finance has ordered Russian exporters to sell 80 % of the total of their foreign exchange earnings, in addition to imposing temporary capital controls. The creation of a ruble-based mechanism for gas export payments also contributed to the stabilization of the ruble by increasing the currency’s availability on the market and increasing demand.
Some Western analysts, according to Bloomberg, believe the ruble’s rise is artificial. According to the article, “some strategists” believe that “the rally isn’t credible as many currency-trading shops have stopped dealing in the ruble on the grounds that its value seen on monitors is not the price it can be traded at in the real world.”
Other countries, including Turkey and Argentina, have lately implemented capital controls but have not had the same success as Russia, according to Bloomberg. The Turkish lira has lost 13% against the dollar since the beginning of 2022, while the Argentine peso has lost 12.3 %.