The Russian Ruble paired with the U.S. Dollar closed 0.4% higher on Friday in consolidation, after declining about 11% since July 20.
The currency has become highly and unusually volatile since Feb. 23, the day before Russia invaded Ukraine. The Ruble plummeted over 51% between that date and March 7, when the currency plunged to the $0.0065 mark before bouncing up from the level.
A massive reversal took place following the sharp decline, which caused the Ruble to reach 52-week highs of $0.0196 on June 29. The surging value of the currency came as a surprise to many, who believed the political and economic situation in the country could tank its currency to unfathomable levels.
Investing $100 In The Russian Ruble: A trader lucky enough to have taken a $100 position at the post-Ukraine invasion lows would have cashed out a total of $301.54, for a total profit of $201.54. If a trader were to take a $100 position at Friday’s closing price in hopes that the Ruble would reach its all-time high again, the profit would come in at just $22.50.
TheRussian Ruble/U.S. Dollar Chart:
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Image and article originally from www.benzinga.com. Read the original article here.