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The ruble strengthens and reaches its highest value against the dollar since July 2020

The Russian ruble strengthened against the dollar on Thursday to reach its highest value since July last year, amid the recovery in oil prices.

At 13:04 (GMT) the national currency of Russia was quoted at 71,54 per dollar, the highest since July 27, 2020, when the value of the US currency was 71.51 rubles, pick up Reuters.

Also, the ruble rose against the euro, whose value reached 83.01 rubles per unit.

Experts say that the strengthening of the ruble is due to the rise in the price of oil, the country’s main export product. The hike came after the International Energy Agency said record natural gas prices would boost oil demand and after Saudi Arabia to reject requests for additional supply of the OPEC + producer group.

Thus, this Friday, the world reference Brent crude overcame $ 85 per barrel for the first time since October 2018.

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