On Friday, the Russian currency recorded significant gains against its American and European counterparts, despite Western sanctions imposed on Moscow, causing an uproar on social media.
On Friday, the Russian currency hit two record levels in about an hour against the American and European currencies, and the dollar exchange rate fell, during trading, to below the level of 57 rubles, for the first time since April 2018, while the euro exchange rate fell below the level 60 rubles for the first time since April 2017.
In this context, social media sites were abuzz with this news, in reference to the reverse course of the sanctions imposed on Russia, while Russian measures prove their strength in the face of the West.
A number of social media pioneers and media professionals circulated this news, as the Egyptian media, Amr Adib, described the Russian President, Vladimir Putin, as “shitty”, as a result of the measures he took.
And one of the accounts commented, saying: “Putin is currently surrounded by a man against a man, and he is laughing at the whole West… and frankly… his right.”
⭕️عاجل وهام⭕️
سعر صرف الروبل الروسي يسجل أعلى قيمة له مقابل الدولار منذ شهر ابريل ٢٠١٨ عند ٥٩.٨ روبل مقابل الدولار
تعليق: هل تعتقد أن على بوتين أن يشكر امريكا والإتحاد الأوروبي على فرض عقوبات على روسيا https://t.co/kF3K3elq4Z
— أحمد الفراج (@amhfarraj) May 20, 2022
The rise of the Russian currency comes after it had fallen in the second half of last March to historical levels, as it exceeded the level of 140 rubles to the dollar.
At the beginning of last March, the Russian Central Bank announced a set of measures to achieve financial and economic stability in Russia, the most prominent of which is obligating exporters in Russia to sell 80% of foreign exchange earnings on the Moscow Stock Exchange.
Experts believe that the Russian ruble is receiving support from the surplus in the trade balance, as imports in Russia fell by about 50%, which reduced the demand for the US currency.