MARKET NEWS
Why the Russian rouble is outperforming and what it means - REUTERS
MOSCOW, July 24 (Reuters) - The Russian rouble's 45% rise against the U.S. dollar since the start of the year has made it one of the world's best performing currencies - but the sharp appreciation is proving to be a double-edged sword for the heavily sanctioned Russian economy.
The strength of the rouble means that dollar-denominated energy revenues generate fewer roubles for the Russian budget. Russian businesses also argue it is making exports more expensive to buyers in dollars and other currencies.
