RUB gets immune to headwinds
Eventually, the Russian currency halted its slump on September 21. The ruble has been hit by various headwinds. Thus, it has depreciated by around 20% against the US dollar since the start of 2018. However, last week the ruble showed resilience to the greenback and the euro and even could win back some of its earlier losses. By 7 am GMT, the USD/RUB pair sank below 67 to trade at 66.94. The ruble also strengthened to 78.4 against the euro. The Russian currency finds support from the steady oil rally and a tax filing period in Russia. Both factors are certainly bullish for the Russian currency. Moreover, the ruble is undervalued. So, it grasps every opportunity to regain footing. Besides, the domestic economy has become immune to the Western sanctions. The latest round of the US sanctions did not trigger turmoil in the Russian economy. As a result, the battered ruble was able to rebound from multi-year lows against the US dollar and the euro.
Published: 2018-09-25 09:26:48 UTC