The Russian rouble gained more than 7% against the dollar on Friday, hitting levels last seen in March 2018, boosted by capital controls and domestic tax payments that usually lead to increased demand for the currency.
The rouble has firmed by nearly 30% so far this year, despite a full-scale economic crisis, becoming the, artificially supported by controls imposed in late February to shield Russia's financial sector after it sent tens of thousands of troops into Ukraine.
The rouble is driven by export-focused companies that are obliged to convert their foreign currency revenue after Western sanctions froze nearly half of Russia's gold and forex reserves. Preparations for month-end taxes also boost demand for roubles, while demand for dollars and euros remains low due to disrupted imports chains and restrictions on withdrawing foreign currency from bank accounts and moving it out of Russia.
Kirill Tremasov, the head of the central bank's monetary policy department, said on Friday that the rouble remained a free-floating currency, RIA news agency reported., Russia's largest lender, was selling cash dollars for 67.17 roubles and euros for 69.84 roubles.
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