The Russian rouble’s value has finally started to gain strength and it is now moving in a bullish zone. In the latest trading session, the value of the rouble has found a strong ground versus the US dollar.
Rouble has Finally Risen from its Lowest Point
In the recent trading sessions, the forex exchange rate for the rouble had hit a very low point. According to the statistics, the rouble had hit a multi-week low against the USD.
The traders were afraid to see the trading price of the rouble fall to such a level. It was a level they had not witnessed for a long time and it ended up causing a lot of fear among the investors.
Finally, the situation has recovered as the rouble has risen from the lowest point. Now, the trading price of the rouble is finding strength against the United States.
Surprisingly, the trading price of the USD is also losing its ground and it is growing weaker against other major currencies as well.
Russian Market Closed for Three Weeks
In the recent trading sessions, as the value of the rouble hit the lowest level since mid-October, the Russian exchanges closed for the long weekend.
The Russian markets reopened after a long weekend only to witness a significant rise in the value of the rouble.
Russian Rouble Gains Strength
The data shows that in the recent trading sessions, the value of the rouble has surged by 0.9% against the dollar. At the time of writing, the value of the rouble versus the dollar stands at 61.53.
According to the forex brokers, the Russian rouble has also gained momentum and strength against the euro. The price chart shows that the rouble has surged by 0.1% versus the euro.
Towards the end of October, the trading price of the rouble had dropped significantly. However, the government of Russia intervened and demanded the forex brokers and traders not to sell the rouble.
As the price of the rouble has started to recover, it is an indication that the value of the currency is rising.