The Russian ruble has recovered its worth as it strengthens.
The restoration of the Russian ruble in its entirety is now a reality. The ruble has made a remarkable recovery and has now entirely compensated for the war's losses.
In basic terms, it has strengthened and its value has returned to levels seen before to Russia's invasion of Ukraine.
This is occurring in the context of Western sanctions and while Russia pursues its conflict in Ukraine.
According to Exclusive Capital Investment Strategy Manager Brasida Neophytou, there are two primary causes for the Russian currency's rebound.
To begin, due to the Russian Federation's efforts to properly service its debt, and secondly, due to the potential of taking payments in rubles for a portion of its exports. According to Brasidas Neophytou, the second factor results in a rise in market demand for Russian currency.
Yesterday, oil prices increased by 3%, while European gas prices increased by 10%, as a result of Russian requests for payment in rubles.
OIL PRICES (30/03/2022)
Brent: $114 $110
WTI: $ 108 $ 104
European gas: € 118
The prices of cereals and basic metals moved up after the day before yesterday.
Wheat: + 2%
Corn: + 2%
Gold: + 1%
Silver: + 1%
Palladium: + 5%
Nickel: + 2%
Aluminum: + 3%
Iron ore: + 7%
All of this occurs as a result of Russia, Ukraine, and Belarus's production and exports being harmed by conflict, sanctions, and uncertainty.
By fLEXI tEAM