The Russian ruble had a great run last month

The Russian ruble had a great run last month against the US dollar despite the massive economic hurdles faced by Russia. Bearish investors are hoping that June could be positive for them as well. Looking at last month’s rally, data from the Moscow Stock Exchange shows that the Russian ruble strengthened by more than 6% against the US dollar. The allowed the 50-day moving average to curve and has revived the hopes of bearish investors to force it even lower towards the 200-day moving average. Looking at Russia’s economy, it appears that’s it’s entering a deeper economic slump than expected. However, investors remain hopeful as it’s not as deep as other hard struck countries like Brazil, Spain, and Italy. The Russian gross domestic product is expected to drop by about 5% this 2020 thanks to the pandemic. Experts believe that the pandemic will cut off about 3.3% of Moscow’s growth rate which is already lackluster.