Russia’s ruble recently hit RUB51.37 per dollar on June 21, 2022, the strongest level since 2015. The ruble is still trading at its seven-year strongest level today at RUB53.55 per dollar.
The Russian ruble came out of its worst nightmare after plunging as much as 61% to RUB139 to the dollar in March this year when the western countries were hammering Russia with financial sanctions for the Kremlin’s invasion of Ukraine.
The ruble has become the world’s best-performing currency this year against the dollar, supported by effective capital controls, a favourable upcoming tax period and trade surplus.
The Russian President Vladimir Putin said last week during the annual St. Petersburg International Economic Forum that the idea (of Great Nations) to crush the Russian economy violently was not successful and it did not happen.