The Russian ruble gained today amid speculations that the government forced domestic exporters to sell foreign currencies. The ruble gained 15 percent over the last five trading sessions.
According to a report, Russia ordered companies to convert their overseas earnings into the local currency. It is an attempt to support the ruble that has been falling due to economic sanctions from the United States and the European Union as well as because of the drop of oil prices. The Bank of Russia was selling foreign currencies lately as another way to help in halting the ruble’s slide, but the reserves are running dry, forcing the government to look for other options that could help to avoid excessive inflation.
USD/RUB fell from 53.2996 to 53.0400 as of 14:06 GMT today, reaching the low of 51.2020 intraday.
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