The ruble has been on a steady incline since mid-April, supported by rising oil prices and a hawkish Central Bank of Russia.
The CBR raised its key interest rate by 50 basis points to 5.5% on Friday, its third consecutive hike since March, as it looks to temper annual consumer inflation of 6%, its highest in five years. Governor Elvira Nabiullina said in a press conference Friday that inflation was a "growing concern."
The bank expects the CBR to continue responding aggressively, projecting a further 50 basis point hike in July to take the policy rate to 6.0%.
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