/pogleed.info/ May 20 (Reuters) – The rula continued to rise on Friday and passed the 60 mark against the dollar for the first time since April 2018, helped by capital controls and the payment of domestic taxes that normally boost demand for Russian currency.
So far this year, the ruble has appreciated by more than 24%, despite a full-scale economic crisis, and has become the world’s best-performing currency.
At 07:33 GMT, the ruble was up more than 3% at 59.81 against the dollar, a level last seen on April 6, 2018.
Against the euro, the ruble appreciated by almost 4% to 61.90.
A stronger ruble helps slow inflation and benefits importers, but hurts exporters who sell goods and services abroad for foreign currency, meaning lower revenue for Russia’s export-dependent budget.
Analysts say Russian authorities are not interested in a significant strengthening of the ruble from current levels and expect the once-free-floating currency to weaken by the end of the year.
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