Latest News by Industry
• The currency climbed more than 5% to 61.10 against the euro
The Russian currency ruble on Friday surged to its highest levels against the euro and dollar since 2015 and 2018 respectively.
Ruble climbed more than 5% to 61.10 against the euro after touching 59.02, its highest since June 2015 while the currency rose more than 4% to 59.10 against the dollar, hitting 57.07 at one point in the day, its strongest since late March 2018.
The ruble rally comes as Russia demands foreign buyers to pay for gas in the Russian currency. Russia said that half of gas giant Gazprom's clients have opened accounts at Gazprombank, as EU countries prepare to pay Russia for gas.
EU has allowed member countries to buy Russian gas by opening accounts without breaching the sanctions imposed on Moscow due to its invasion of Ukraine.
Ruble has gained around 30% against the dollar this year, despite facing major economic crisis as nearly half of Russia's gold and forex reserves is frozen after Western sanctions.
The major factor responsible for ruble rally is Russia’s demand to pay for gas in the country’s currency.
Picture Credits: Reuters
ALSO READ: