The Russian ruble reached its two-year high against the euro

The Russian ruble rose on Monday, reaching its highest level in nearly two years against the euro, backed by tax payments companies are expected to pay this week and as the market was eagerly awaiting the central bank’s interest decision on Friday.

The ruble jumped 3.7% to 77.17 against the euro, after hitting 76.396 at the start of the session, the strongest level since June 2020.

The ruble rose 3.11% against the US dollar to 73.13, in hovered around its levels before February 24, when Russia sent tens of thousands of its troops in Ukraine, according to Reuters.

The market is in awaiting the Russian Central Bank’s interest rate decision after it decided to raise interest rates by 20% in late February and then cut 17% on April 8.

A Reuters poll indicated that the bank will cut interest rates at its meeting on Friday by 200 basis points to 15%.

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