The shocking news comes in as the Russian Ruble has touched a 7-year high of 50 per USD; hence the Ruble has eased back to the 55 levels. As the prices of Russian exports continue to soar up, exports are dropped, and imports continue to support the currency.
There is a surging demand for Russian oil and natural gas from Asia; even though there is high uncertainty regarding the energy supply level to Europe, the Asian demand for oil and natural gas supply has supported the Russian currency.
Russia's unusually aggressive measures to keep money from leaving the country, combined with the dramatic rise in fossil fuel prices, are working to create demand for Rubel and push its value. Russia is pulling up nearly $20 billion a month from its energy exports. As March had ended, Russia had demanded that all foreign buyers pay in Rubles, and hence many foreign buyers had to compel this demand, pushing up Ruble's value.
Meanwhile, the western sanctions and the wave of businesses left the country due to the war, which led to a drop in imports. In the first four months, Russia's difference between exports and imports rose to a record $96 billion. But the Russian exporters are required to convert their excess revenues into rubles, creating a demand for their currency. This led to the rise of the value of Rubel, and hence it bounced back.
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