Rouble climbs to 7-year peak against Euro, Dollar amid prospects of further gain

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Rouble climbs to 7-year peak against Euro, Dollar amid prospects of further gain

Rouble hits a fresh seven-year peak against US Dollar and Euro, as upcoming tax payments would highly likely to cement the currency’s robust stance further. On top of that, as optimisms grew about the Russian economy with a number of far-right leaders from EU as well as an incumbent Biden Administration appeared to be failing to weaken Russ economy, traders’ bid on Rouble “positions” heightened up significantly.

Aside from that, as a handful of EU leaders became too paranoid about their country’s safety regarding cost of energies amid a US-provoked embargo on Russ natgas, the balance of power in Europe seems to be tilting towards Kremlin.

Besides, a higher natgas prices coupled with EU member states’ hesitation on whether they would be able to avert a recession without Russ energy, had increased Moscow’s harvests from commodity exports exponentially, while a Bloomberg report was quoted saying that over the first three months after February 24, when Russian had launched a special operation into Ukraine, Kremlin sold off as many as $98 billion worth of energies across the globe.

Ironically, at the same time, major EU economies have warned their citizens of an impending recession alongside the US, mostly due to a trimming of Russian oil and natgas imports.

Rouble jumps to seven-year peak against US Dollar

Citing statistics, as Rouble has become the best-performing currency of the year thus far, aided by a higher energy prices alongside sagacious measures from the Russ Central Bank, Rouble jumped 2.1 per cent to 54.44 per Dollar in the day’s market closure, while earlier in the day, Russian Rouble strengthened as much as 54.20 a Dollar, the strongest since June 2015.

Against the bloc’s common currency Euro, Rouble climbed 1.8 per cent to 57.80 rouble per Euro, the strongest since May 2015.