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The ruble is strengthening in tandem with the dollar and the euro

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The Russian currency is growing steadily against the dollar and the euro.

Before the May holidays, the ruble / US dollar currency pair dropped to its lowest level since the summer of 2020. The value of the currency fell to 69 rubles. Against the backdrop of such a growth of the ruble, the volume of trading in this pair of currencies increased by 7% relative to the average value.

The euro exchange rate against the Russian ruble is also declining. At minimum levels, it decreased to 72 rubles. The last time such quotes were recorded in the spring of 2020, at the very beginning of the coronavirus pandemic.

Russia’s retaliatory sanctions against the so-called “unfriendly countries” contribute to the strengthening of the Russian currency. The decree, which concerns the economic countermeasures, was signed by Vladimir Putin on May 3.

Against the backdrop of this news, another asset popular for investment, gold, is also getting cheaper. According to experts, this is facilitated by the growth of US Federal Reserve rates and the strengthening of the dollar. Currencies are now attracting more investor interest, which leads to lower prices for precious metals.

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