To buy a dollar today it takes 64 rubles compared to 75 in January. The strengthening is favored by the capital control measures introduced by the Kremlin and by the support measures of the Russian central bank. Moscow price lists rose with the Moex index up +2.3% and the dollar-denominated RTS up +3.5% (+22.7% last month). Between January and April, the trade surplus (difference between the value of exports and imports) reached $95.8 billion, nearly four times the $27.5 billion a year ago.
To date, the ruble is the best currency of 2022, the one that posted the strongest gains against the dollar. Today, the Russian currency gains another 0.8%, leading to the year-to-date gain over 12%. You follow that Brazilian real (+10%) and the Mexican peso (+1.9%). All other currencies are negative against the dollar. To buy a dollar a little more than 64 rubles are needed today down from 75 last January. The ruble collapsed in the days immediately following last on February 24th, the date of the invasion of Ukraine just to recover all the losses. On March 7th they had to get a dollar 139 rubles and the US President Joe Biden He had remarked that “today a ruble is worth less than a cent”. The trend reversal was favored by the capital control measures introduced by the Kremlin and by the support measures of the Russian central bank. In particular, Russian companies that collect foreign currency have to convert 80% into the local currency. The increase is therefore somewhat artificial.
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However, the country is making more money than before from the sale of raw materials, oil and gas and imports less due to the sanctions. Between January and April The trade surplus (the difference between the value of exports and imports) reached $95.8 billion, almost quadrupling from $27.5 billion a year ago and well above the $58.2 billion estimated by analysts. It’s the highest surplus since at least 1994. Revenues from the sale of oil increased by 50% thanks to the increase in price and slightly lower volumes sold despite the sanctions. According to analysts of the Russian bank Promsvyazbank The ruble could further strengthen to the 1-62 level against the dollar. Moscow price lists rose to +2.3 with the Moex index% and Dollar RTS at +3.5% (+ 22.7% in the last month)
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