Ruble Tops Global Currencies as Putin Reaps Iran War Oil Gain

Russia’s ruble has muscled its way to become the world’s best performer against the dollar so far this quarter, buoyed by a surge in foreign currency receipts from oil sales following the outbreak of war in the Middle East.

The ruble has advanced roughly 12% since the start of April to 72.6 per dollar, the strongest level since February 2023, according to data compiled by Bloomberg. For a second straight year, the currency is diverging from official and market forecasts that projected a depreciation, leading some analysts to view it as overvalued relative to the current economic conditions.