The Russian ruble appears to be the most mysterious currency in Europe.
In the spring of 2020, the ruble was rapidly depreciating, which, as we were told, was the result of falling oil prices. After that, emergency measures were taken to stabilize them. And the ruble, after a short period of growth, began to lose its weight again. Today, he is extremely sluggish to react to the reverse process, when the inflow of foreign currency into the country has increased due to a jump in oil prices, which have approached the level of the period when there was no talk of a coronavirus pandemic.
Western analysts are trying to determine which secret forces are controlling the Russian currency. For example, everything is clear with the Turkish lira, now it has grown in price even with high inflation, reaching the level of six months ago, after the government tightened financial policy.
Markets in the developing world continue to grow amid hopes from vaccinations and declining global infections. But there are problems with the ruble. Although the successful creation of vaccines in Russia that are effective even against the most dangerous mutations of the coronavirus should have helped to strengthen the ruble.
Agency expert “ReutersWrites that it is possible that investors keep away from Russia in anticipation of new sanctions from the West. However, it is difficult to imagine that someone today takes these sanctions threats seriously, since they have almost no effect on the Russian economy, only forcing it to develop new industries that replace imports that have come under sanctions.
Emerging Markets Strategy Expert Christian Maggio concludes that the ruble’s relationship with oil prices is increasingly weakening, and the ruble is breaking away from the normal dynamics of oil prices.