Bangladesh, July 11 -- The Russian ruble has surged to a two-year high against the US dollar, buoyed by a confluence of structural economic factors, government policy interventions, and shifting global dynamics. On July 10, the ruble was trading below 75 to the dollar-its strongest performance since 2023-while also appreciating significantly against the euro to 86.5, a gain of over 5% in just a short period. This unexpected rally reflects more than just technical market fluctuations; it signals a broad-based transformation in Russias external financial position, driven by high export volumes, suppressed import demand, and increasing resilience to Western economic pressure.

The current appreciation marks the culmination of two months of c...