The Russian ruble hit a four-year high against the U.S. dollar and a seven-year high against the euro on Friday, May 20. The ruble closed at 62 to the dollar on May 20, a 27% appreciation from the level of 85.2 rubles to the dollar on April 1. During this same period, nearly all of the world’s currencies fell against the U.S. dollar, which has been “strengthened” on foreign exchange markets largely due to the Fed’s desperate policy of raising interest rates. For example, the value of the euro has dropped by 5% during this same period since April 1; the Argentine peso by 3%; the South Korean won by 5%; and the South African rand by 8%.
According to Bloomberg, the Russian currency has become the best-performing currency in the world this year.
