Russian Ruble Up 38% Against The US Dollar From January-April 2025

The Russian Ruble has strengthened against the US dollar by 38% in over-the-counter trading since the beginning of the year, becoming the world’s most profitable currency due to the US dollar weakening amid new American duties, according to Bloomberg, who cited economists.

Among them was Sofya Donets, an economist at T-Investments, who stated “Unlike many emerging-market currencies, the Ruble is not facing pressure from capital outflow, caused by global investors’ retreat from riskier assets.”

Iskander Lutsko, the Dubai-based head of research and portfolio management at Istar Capital, noted a visible thaw in relations between Moscow and Washington, which, in his view, also played a role in making the Russian currency more attractive to investors. “There are no clear drivers for the Ruble weakening at this stage. Conditions supporting the Ruble are likely to persist in the future.”

According to the Bank of Russia, the real effective Ruble exchange rate (against the currencies of Russia’s main trading partners, adjusted for inflation) in March rose by 7.1% compared to the previous month. In annual terms, the exchange rate rose by 19.2% in the January-March period.