breaking

Ruble Strengthens on Middle East Oil Premium as Russia Rebuilds Reserves

The Russian ruble has emerged as the top-performing currency against the dollar this quarter, driven by elevated oil prices from Middle East tensions. The 10-week conflict has lifted crude values, substantially expanding Moscow's foreign currency inflows from energy exports. Russia has resumed building its National Wellbeing Fund for the first time in nearly a year, marking a policy shift as oil revenues surge. The central bank has increased purchases of foreign currency and gold reserves alongside the commodity gains. Meanwhile, the broader emerging-market currency complex has faced headwinds as geopolitical risks weigh on sentiment, though some developing economies are pursuing capital market access to offset regional economic pressures.