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 Professional Autos 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 Professional Autos.
More InformationSYDNEY, NSW, Australia - Stocks struggled for direction in Asia on Monday. Early gains evaporated later in the data, although ...
BEIJING, China: China's Green Valley Pharmaceutical company has prematurely ended an FDA approved study on its GV-971 to treat mild ...
SILAO, Mexico: U.S. automaker General Motors (GM) has agreed to raise wages by 8.5 percent, following negotiations with a new, ...
ZAGREB, Croatia: Croatian lawmakers have voted to allow the introduction of the euro currency in 2023. Lawmakers voted 117-13 to ...
TEHRAN, Iran: Iran has abruptly raised prices as much as 300 percent for a variety of staple foods, including cooking ...
MOSCOW, Russia: Russia's weekly inflation rate has further eased after surging soon after Moscow began its invasion in Ukraine on ...
© Provided by Xinhua BEIJING, May 16 (Xinhua) -- China's fixed-asset investment saw steady growth in the first four months ...
Hyderabad (Telangana) [India], May 16 (ANI/PRNewswire): IIITH organized a Workshop on IoT and oneM2M on May 13 and 14, 2022 ...
Lumbini [Nepal], May 16 (ANI): Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba on Monday participated in ...
Lumbini [Nepal], May 16 (ANI): In furtherance of India's 'Neighbourhood First' policy, Prime Minister Narendra Modi on Monday arrived in ...
Bengaluru (Karnataka) [India], May 16 (ANI/PRNewswire):The solution comprising of IoT devices like Tag360 sensors to monitor temperature, door-open and energy ...
© Provided by Xinhua CHANGSHA, May 16 (Xinhua) -- Every 6.5 minutes, an engine rolls off the robot-operated assembly line ...