The Russian ruble advanced today, rising to the highest level in more than a year against the US dollar, as the government loosened control of the currency and the central bank attempts to deal with the inflation.
Nikolay Podguzov, VTB Capitalâs head of fixed- income strategy in Moscow, said:
The decision to widen the band proves the Russian central bankâs willingness to address the inflation problem as a first priority. The central bank is ready to accept further exchange rate volatility.
Goldman Sachs Group Inc. recommended to go long with the ruble. The currency went up 7.6 percent versus the dollar since the beginning of this year.
USD/RUB dropped from 28.7320 to 28.3800 as of 17:22 GMT today.
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