The Russian ruble jumps to its highest level in 7 years against the dollar and the euro
The Russian ruble jumped to its highest levels in seven years against the dollar and the euro on the Moscow Stock Exchange on Tuesday, supported by restrictions on capital movements and tax payments at the end of the month.
The ruble rose 3.22 percent to 53.84 against the dollar, its strongest level since June 2015.
Against the euro, the ruble rose 4.02% to 56.48, its highest level since May 2015.
The ruble, which has become the world's best-performing currency this world, has been supported by rising Russia's revenue from commodity exports, a sharp fall in imports and a ban on household withdrawals from foreign currency savings.
The ruble also received a boost from corporate tax payments early next week.
For companies that focus on exports, this means converting their revenue in dollars and euros into rubles.
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