The source says the Russian currency has reached its strongest level since February 2023, with higher oil revenues linked to the Middle East war supporting the move.
The source states that the Russian ruble is the world’s best-performing currency against the U.S. dollar this quarter. It says the ruble has gained about 12% since April and has reached its strongest level since February 2023. According to the source, the move has been supported by stronger Russian oil revenues as the Middle East war lifted energy market dynamics. Currency moves tied to oil income can be significant for Russia because export revenues often affect demand for the ruble and the country’s broader external balance.