Ruble gaining ground against US dollar

By Emre Gurkan Abay

MOSCOW (AA) - The Russian ruble is gaining ground against the greenback, nearly returning to its pre-war level, according to data from the Moscow stock exchange.

The US dollar/ruble exchange rate fell 2.54% to 81 as of Wednesday, the first time it has reached that level since Feb. 24, the day Russian launched its war on Ukraine.

Analysts said Russia's demand for the use of rubles to pay for gas along with high energy prices are helping the Russian currency.

Russian crude oil is trading for about $107 per barrel in international markets.

Russian President Vladimir Putin recently signed a decree requiring "unfriendly" countries to pay for Russian gas in rubles, adding that gas contracts will be stopped unless payment is made in rubles as of April 1.