Russian rouble touched three-week highs against the euro and the US dollar, in tumultuous trading on Tuesday, continuing to rise despite recent interest rate cuts and a potential economic crisis.
At 1415 GMT, the Russian rouble was up 1.8% against the euro at 59.03, fading slighting from an early gain of 3.6%, its strongest level since May 25.
Against the dollar, the rouble added 0.4% to trade at 56.54 , having dipped from multi-year peaks with a session low of 55.6 on the Moscow Exchange earlier on Tuesday.
The Russian currency has been supported by capital controls that Russia imposed in late February after sending tens of thousands of troops into Ukraine, though the recent strength has triggered policymakers to rethink their economic response to Western sanctions.
After the rouble became the world’s best-performing currency, authorities eased capital controls and scrapped a requirement for export-focused companies to convert their foreign-currency revenues.