MOSCOW (RT) - The Russian ruble has hit the strongest level against the U.S. dollar since July 2020, as global crude oil prices are on the rise and the country continues to eliminate dollar holdings from its currency reserves.
The Russian currency was trading at around 72 rubles against the greenback on Wednesday as oil prices hit a 26-month high, and the country’s monetary regulator hiked key rates to rein in inflation. Meanwhile, Russian bond yields rose last week even as U.S. yields retreated.
“There’s likely to be more room for further gains in the ruble in the near term as oil prices and local bond yields rise further,” Emerging Markets Economist Liam Peach told CNBC, commenting on further moves in the Russian currency.