The Russian ruble has turned into the top-performing currency in global financial markets, despite Moscow facing a bombardment of crippling economic sanctions and financial restrictions.
Year-to-date, the ruble has strengthened about 14 percent against the U.S. dollar. By comparison, the U.S. Dollar Index (DXY), which gauges the greenback against a basket of currencies, has advanced around 6 percent.
Following Russia’s invasion of Ukraine, the currency had cratered to pennies on the dollar. But after a series of fiscal and monetary policy interventions, the ruble recovered and is now performing better than the Brazilian real, Uruguayan peso, and the Mexican peso this year….