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Ruble proves most stable currency among developing nations – Russian Central Bank

Ruble proves most stable currency among developing nations – Russian Central Bank
The Russian currency has proven itself to be the most stable of all developing countries during recent volatility, according to the deputy head of the Central Bank of Russia.

“There was quite a strong movement in the developing countries’ markets yesterday, the ruble was in fact one of the least affected,” Bank of Russia First Deputy Governor Ksenia Yudaeva said on Thursday, as quoted by TASS. “However, the Russian market demonstrates the greatest calm compared to all others,” she added.

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The official noted that events in Turkey may have affected investors, referring to the country’s recent currency volatility. The Turkish lira experienced another fall this week and the country’s main index of leading company shares, the Borsa Istanbul 100, dropped more than five percent.

Moscow stock exchange (MOEX) data shows that the Russian ruble lost 0.8 percent against the US dollar and 0.6 percent against the euro, while the national currencies of other developing nations plunged by up to five percent on Wednesday. For example, the Turkish lira slid around 5.3 percent.

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The ruble has been flexing its muscles since the beginning of this year. As the markets opened on Friday, the Russian currency was trading at 64.76 against the greenback, representing growth of more than three percent since January 1.

Meanwhile, the main Russian stock index, the ruble-denominated MOEX, has been rising since the beginning of the year. The index hit a new all-time high of 2,551.97 points on February 6, after setting several other records just days before.

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