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Market Update: Russian Ruble Hits New 11-Month High
The Russian ruble rose as high as 71.5 against the greenback on Friday, the strongest level since late July 2020, after the country’s central bank raised interest rates for the third time this year and signaled they would consider more monetary tightening at upcoming meetings. Policymakers voiced concerns about growing inflationary pressure after economic data showed Russia’s annual consumer price inflation accelerated more than thought to 6.0% in May. Elsewhere, rising oil prices also provided some support, while investors look forward to US President Joe Biden and Russian President Vladimir Putin talks next week. [/s2If]
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