Ruble Continues to Strengthen Following Russian Central Bank MeasuresBy Caitlin Ostroff
March 29, 2022
The ruble continued its rebound against the dollar Tuesday, boosted by Russian central bank efforts to prop up its value.
Russia’s currency traded at about 91 rubles to the dollar in international trading, which is 11% weaker than before Russia invaded Ukraine. While that still leaves the ruble among the worst-performing currencies this year, it is a stark turnaround from when it traded more than 40% below its pre-invasion level earlier this month.
Russia’s central bank has curtailed the ability of locals to sell the ruble and buy foreign currencies, while also requiring exporters to sell much of their foreign-currency revenue and buy the ruble. This has alleviated selling pressure on the ruble and created fresh demand for it.
The Bank of Russia began exploiting exporters’ access to dollars and euros after Western nations choked off access to its foreign-currency reserves.
* * *
Source:
https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-29/card/ruble-continues-to-strengthen-following-russian-central-bank-measures-V1jiHzoY0gzf5U8zcuYg
