The Russian ruble tops the global currency rankings — Bloomberg

The Russian ruble has strengthened sharply against the dollar amid rising oil revenues following the escalation of tensions in the Middle East.

This was reported by Bloomberg.

According to the agency, since early April, the ruble has strengthened by approximately 12%, reaching 72.6 rubles per dollar—its strongest level since February 2023.

The main factor behind the strengthening was additional foreign exchange earnings from oil exports following the start of the war in the Middle East, which pushed energy prices higher.

At the same time, Bloomberg notes that a strong ruble also has a negative effect on the Russian economy, as it reduces exporters’ revenues and budget revenues.

The exchange rate is also influenced by low domestic demand for foreign currency, high interest rates, and weak imports.

Against this backdrop, Russia has resumed purchasing foreign currency and gold for the National Wealth Fund for the first time since June of last year.

Russia changed its polling methodology, and Putin’s approval rating immediately rose.

Putin began speaking of “ending the war” due to serious problems both at home and on the front lines.