MOSCOW (Reuters) – Russia’s ruble rose on Friday to its strongest levels in more than three weeks, in a sharp rebound from its recent all-time lows, after the government ordered exporters to sell some of their hard currency revenues.
The ruble plunged to all-time lows last week on heavy falls in the price of oil, the backbone of the Russian economy, and Western sanctions over the Ukraine crisis that have made it near impossible for Russian firms to borrow on Western markets.
But it has rebounded after authorities took steps to halt its slide and bring down inflation, which after years of …read more
Source: Newsweek
