Ruble is this year’s best-performer – Bloomberg
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Russian Ruble Soars 38% to Become World's Top Currency in 2025
Above: A Russian ruble is seen besides one U.S. dollar bill note on Feb. 1, 2025. Image copyright: Matt Cardy/Contributor/Getty Images news via Getty Images
The Spin
Pro-Russia narrative
The ruble's exceptional performance demonstrates the effectiveness of Russia's economic management through strict monetary policy and capital controls. The currency's strength reflects underlying economic resilience despite sanctions, with high interest rates attracting foreign investment and maintaining stability. The improved geopolitical situation has revived the ruble's appeal for carry trades.
Anti-Russia narrative
The strong ruble poses significant challenges to Russia's budget calculations, which were based on an exchange rate of 96.5 per dollar. The currency's appreciation, combined with falling oil prices, threatens to diminish crucial export revenues when the state needs substantial funding for military and social programs. Many analysts remain cautious, with consensus forecasts suggesting the ruble should be trading around 98.5 per dollar.