Russian ruble rises against the US dollar, hitting highest level since 2015 ...Egypt

EGYPT INDEPENDENT - Economy

The Russian ruble rose against the US dollar, hitting its highest level since July 2015. This could raise the Russian Central Bank’s concern about undermining the competitiveness of Russian exports. The Russian currency rose by 1.7 percent to 55.44 rubles against the US dollar, recording gains of about 35 percent since the beginning of this year. The currency’s gains came despite the Russian Central’s cutting interest rates by 1,050 basis points (equivalent to 10.5 percent) since the beginning of the Ukrainian crisis. For his part, Russian Deputy Prime Minister Andrey Belousov stressed that the issue of the ruble exchange rate at ideal levels is important for the Russian economy, and indicat

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Last updated : 22 June 2022 clock 05:08 PM

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