Russian ruble exchange rate has reached the highest level in 7 years

Xinhua News Agency, Moscow, June 28 (Reporter Zhao Bing) Russian rubles continued to strengthen on the 28th of Russia's rubles and euro exchange rates on the 28th, reaching the highest level in 7 years.

According to the Moscow Stock Exchange data, as of the close of the 28th, the exchange rate of the ruble against the US dollar was 51.8 to 1, the highest point since May 2015; the exchange rate of the ruble against the euro was 54.55 to 1, the highest point since April 2015.

Russian investment expert Dmitry Babin said that the imbalance in foreign exchange supply and demand in the Russian market still exists, which has helped the ruble systematically strengthen.

The analysis believes that the exchange rate of the ruble against the US dollar may reach 50 to 1 next week, and the exchange rate against the euro may reach 52 to 1. It is difficult to predict when the ruble exchange rate will fall.

Russian central bank governor Nabi Ulina said on the 10th that the continued strengthening of the ruble exchange rate was mainly due to the atrophy of Russia's imports and exports under the current sanctions conditions, and capital outflows decreased.

After Russia announced special military operations on February 24, the ruble began to show signs of rapid depreciation. The exchange rate on the US dollar fell below 80 to 1 on the day, and then fell all the way. On March 9, it fell below 120 to 1, a record low. As Russia has adopted various measures to respond to sanctions, stabilize the financial market, and boost market confidence, the Royal exchange rate has gradually recovered, and it has exceeded the level before the Russian -Ukraine conflict.

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