12:06 25.12.2019 (updated 12:29 25.12.2019) Short URL
The Russian currency was far from a "haven" of trade war for investors a few years ago, after the local economy was hit hard at the same time by falling oil prices and sanctions.
The ruble has become one of the most profitable currencies for investors worldwide, informs Bloomberg by citing the opinions of various experts and investors.
Bloomberg reports indicate that the ruble has brought up 72.9% return for those who have invested in the currency since 2014, twice more than the second-highest Egyptian pound.
AFP 2019 / ALEXANDER NEMENOV
Russian coin, ruble, photographed facing St. Basil's Cathedral in central Moscow
The ruble has also become a "haven" for those who avoid the uncertainties surrounding the trade war between the two largest economies on the planet, the US and China. The news agency indicated that the Russian currency has its current position not only due to the country's relatively high interest rate, but also thanks to its security guaranteed by the growth of the economy and the accumulation of oil revenues as a national reserve.
These changes have occurred since the ruble suffered a significant shock and lost its value in 2014, following the devaluation of the oil barrel and the introduction of foreign sanctions against Moscow. Since then, the currency has gradually regained ground value by 7.32% compared to the current price and almost 10% in futures contracts in 2019.
HSBC Holdings Plc analysts quoted by Bloomberg believe the upward trend will continue in 2020, rising by up to 7% from the current price.
. (tagsToTranslate) Appreciation of the Russian Ruble (t) Ruble becomes