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Russian ruble hits seven-year high against euro

Russian ruble hits seven-year high against euro

Arab Finance: The Russian ruble has jumped by over 6% against the euro on Monday, May 23rd, hitting near seven-year high, Reuters reported.

The performance of ruble was driven by capital controls, higher oil prices, and the tax period by the end of the month.

The ruble is also being impacted by exporting companies forced to convert their foreign currency revenue due to the sanctions imposed on about half of Russia’s gold and forex reserves.

By 7:53 am GMT, the Euro was being traded at RUB 61.76.

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