Rouble gains vs dollar, euro as possible Russia default looms – Reuters

Rouble gains vs dollar, euro as possible Russia default looms – Reuters

May 18 (Reuters) - The Russian rouble pared early losses to gain against the dollar on Wednesday and headed back towards a five-year high against the euro, as some gas buyers in Europe sought to meet Russia's demand for rouble payment and sovereign default risk resurfaced.

The rouble has become the best-performing currency this year despite a full-scale economic crisis, artificially supported by controls that Russia imposed in late February to shield its financial sector after it sent tens of thousands of troops into Ukraine.

By 1027 GMT, the rouble was 0.4% stronger against the dollar at 63.33 , not far from the 62.6250 level reached on Friday, its strongest since early February 2020.