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Ruble Surpasses Brazil’s Real as Year’s Best-Performing Currency

  • Ruble extends gains as Moscow Exchange reopens after holiday
  • Real’s rally loses steam as rate differential to US may shrink

Capital controls imposed by Russia have turned the ruble into the world’s best performing currency this year, though not many people can pocket a profit on the rally.

The ruble resumed its advance against the dollar on Wednesday as the Moscow Exchange reopened after two days of public holiday. It’s now up more than 11% against the US dollar since the start of the year, surpassing the real’s 9% advance to become the top gainer among 31 major currencies tracked by Bloomberg. The offshore rate is up even more, about 12%.