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Ruble hits two-year high against euro

The Russian ruble rose to its strongest position since March 2020 against the European single currency, paring some gains after the Bank of Russia cut interest rates.

On Friday, the ruble hit over 74 to the euro, and headed towards 70 to the dollar in Moscow trade.
Earlier in the day, the Russian central bank cut its key interest rate to 14% in the latest attempt to boost lending in the sanction-hit economy.

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Part of the divergence with the euro may be attributed to a decline in the single currency which has seen a major sell-off this week. The euro is currently hovering around a five-year low against the dollar with fears over the growth outlook for the eurozone as the impacts of Russia-Ukraine conflict begin to spill over.

READ MORE: Euro crashes to five-year low

The Russian currency had previously dropped to historic lows amid sanctions placed on Moscow in response to its military operation in Ukraine. In early March, the ruble plunged to as low as 150 to the dollar but has since nearly doubled in value.

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