Russia’s ruble is the strongest currency in the world this year – By Irina Ivanova (Marketwatch) / June 21, 2022
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 U.S. 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.
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