Russian ruble gets stronger even after sanctions hits 57 against dollar

Russian ruble was boosted to levels against the dollar consequently, by the export companies. The ruble has been stable to about 30 per cent against the dollar in spite of being e economic crisis in Russia. Consequently, the Russian currency is making as the world’s best-performing currency. Consequently, at 1110 GMT, the ruble was 2.5 per cent stronger than the dollar at 56.3.

The Russian currency has earned about 3 per cent to 58.24, being the strongest in this seven years. Russia has cut the part of the foreign currency revenue that exporters must convert into roubles. Conversion should be to 50 per cent from 80 per cent. After the relaxation of tax on the ruble, the currency could firm to 55 against the dollar.

However, the current levels of rate could be used to open long place in foreign currencies by the mid and long-term investors. But, the rouble may return to its initial levels of 60-65 against the dollar in June.