The Russian Ruble has become the most profitable currency in the world, having gained 38% in value since the beginning of the year in over-the-counter trading against the US dollar, according to data cited by the US-based news agency Bloomberg. This performance has surpassed not only other currencies but also gold. In an article for the agency, economic expert Sofija Donez explains:
“Unlike many emerging market currencies, the ruble is not under pressure from capital outflows caused by investors’ departure from risky investments. The capital flow controls have largely protected Russia from this.”
Other experts consulted by Bloomberg attribute the ruble’s appreciation against the US dollar to the trade wars unleashed by US President Donald Trump. They point out that the Russian currency is supported by a series of Russian-specific factors, including high interest rates and the activities of the National Wealth Fund.
In Dubai, at Istar Capital, head of Research and Securities Management Iskander Luzko believes that the tangible thawing of relations between Russia and the US has made the ruble more attractive to investors. “At this point, there are no clear reasons for a weakening of the ruble” Luzko states. He emphasizes that the factors supporting the ruble are likely to persist in the future.
However, the Russian Central Bank has so far provided more cautious forecasts. In a bulletin titled “What the Trends Say” produced by the institution’s Research and Forecasting department, it states that the observed steady strengthening of the national currency requires further confirmation. The document reads:
“Although the growth rate of prices compared to the fourth quarter of 2024 has further slowed down, this is partly due to the strengthening of the ruble, whose sustainability requires further confirmation.