The Russian ruble rises to its highest level in five years against the euro

The Russian ruble rose against the US dollar and also rose against the euro to its highest level in nearly five years, supported by continued restrictions on currency trading, and the ruble has been the best performing currency in the world so far this year although this is due to the artificial support of capital controls that It was imposed by Russia to protect its financial sector in late February after Russia's invasion of Ukraine.

Today's central bank data showed that Russia's current account surplus more than tripled from January to April to $95.8 billion, buoyed by higher revenue from imports and lower imports. The Russian ruble rose against the US dollar by 1.5% to 63.59, and the Russian ruble rose against the euro by 1.6% to 66.05 and had risen to 64.9425, its highest level since June 2017.