The Washington Times has given a title of the surprise star performers of 2015’s currency markets to the Russian ruble. Considering recent price movements, it is possible to add that the ruble is not only a surprising but also a rising star. Some time ago, the Bank of Russia raised the interest rate to 17% promptly trying to keep the battered ruble from collapsing. Back then one US dollar cost 80 rubles. Currently, the Russian currency steadily compensated the most part of last year's losses. Growth rates are so high that now the central bank is forced to hold the rapid ascent in the same speedy way. The Russian currency is now trading around 49 rubles against the US dollar. With low oil prices, it is not the best case scenario for the Russian economy. The government has no need of too expensive ruble. If oil prices remain close to current levels, then the Russia's GDP will reduce significantly this year. However, the ruble’s rebound has been a source of national pride. According to JPMorgan experts’, the ruble is the best-performing currency among emerging markets around the world so far in 2015. The first Deputy Prime Minister Igor Shuvalov recently said that the worst-case scenario has failed to materialize.
