Iran Press/ Europe: The Russia Today website stated that, according to the data of the Moscow Stock Exchange today, the dollar exchange rate fell by 54 kopecks to 55.09 rubles, and the euro exchange rate by 93 kopecks to 57.91 rubles.
Russia's ruble, strongest currency in world
According to CBS News, the Russian ruble continues to rise against the dollar, making it the best-performing currency in the world this year.
Three months after the ruble's value fell to less than a US penny amid the toughest economic sanctions imposed on a country in modern history, Russia's currency has mounted a stunning turnaround. The ruble has jumped 40% against the dollar since January.
"It's an unusual situation," said Jeffrey Frankel, professor of capital formation and growth at the Harvard Kennedy School.
Normally, a country facing international sanctions and a major military conflict would see investors fleeing and a steady outflow of capital, causing its currency to drop. But Russia's unusually aggressive measures to keep money from leaving the country, in combination with a dramatic rise in fossil-fuel prices, are working to create demand for rubles and pushing up its value.
The ruble's resiliency means that Russia is partly insulated from the punishing economic penalties imposed by Western nations after its military operation in Ukraine.
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