🔥 Ruble Shocked the FX World in 2025 🇷🇺💸
(No hype — just facts)
→ +45% vs USD
RUB quietly became the best-performing major currency this year, trading near 78/$ — something no one expected.
→ High rates = strong currency
Russia kept rates brutally high earlier this year → hot money stayed parked in rubles.
→ Capital controls doing the heavy lifting
Exporters must convert dollars → constant artificial demand for RUB.
→ Imports collapsed
Less buying from abroad → fewer dollars leaving the system → ruble stays tight.
→ But here’s the catch 👀
Strong ruble = fewer rubles from oil & gas exports → budget pain increases.
→ Not a free-market win
Low liquidity + strict controls → strength is engineered, not organic.
⚠️ Reality check:
RUB looks strong on charts, but it’s strength inside a closed system.
Great for optics. Risky for long-term competitiveness.
Markets love narratives — this one is pure macro chess, not magic.
