The Russian ruble firmed sharply in Moscow trade on Thursday to levels last seen before Russia sent tens of thousands of soldiers to Ukraine, while stocks indexes jumped higher, shrugging off a new round of sweeping Western sanctions.
The ruble has recently been steered by mandatory conversion of dollar and euro revenues by export-focused companies, while demand for forex has been limited by capital controls that the central bank imposed as the ruble crashed to record lows in March. On the interbank market the ruble was weaker. Banks offered to buy dollars at 76.75 and sell them at 81.75. The euro/ruble rates stood at 83.50 and 88.95, respectively.
This is not a real rebound, it’s a fake manipulated by huge monetary interventions.
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