The Russian ruble strengthened to 76 rubles to the US dollar and 82 against the euro on Thursday, reaching its strongest levels against major currencies since February 23.
The ruble plunged to historic lows after Russia launched the special military operation in Ukraine, and the US and its allies imposed unprecedented sanctions targeting the country’s financial system. On March 7, the Russian currency fell to as low as 150 rubles to the dollar.
The ruble nosedived on February 24, immediately after the start of the military operation, as international penalties targeted its freely traded currency. Western countries froze Moscow’s foreign reserves, making it difficult for the Bank of Russia to support the ruble by selling foreign currencies.