The ruble continued to strengthen against the US dollar on Friday, reaching levels last seen in July 2020. The Russian stock market MOEX also surged, hitting a record high on rising oil price prices.

At the opening of trading on Friday, the Russian currency rose to 71.16 rubles against the US dollar. It also gained against the European single currency, with an exchange rate of 82.58 rubles per euro.

Also on Soaring energy prices push Russian ruble to multi-month highs against dollar & euro

“The [Russian] currency has performed well and we remain constructive in the medium term,” Morgan Stanley analysts said, as cited by Reuters. (RT)