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The ruble is currently gaining strength against the euro and the dollar.
The Russian currency rose 4.14 percent to 81.81 rubles against the euro and gained 1.12 percent against the dollar, trading at 79.1 per dollar as of 11:35 local time.
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According to Moscow Stock Exchange trading data, the Russian currency has reached its highest level against the euro since April 8.
On Monday, Russia's central bank removed a ban that was imposed on individuals buying foreign currency in exchange for rubles since the end of February.
The head of the Financial Markets Operations Department at Russian Standard Bank, Maxim Timoshenko, said that "the high oil price and tax payments by exporters until the end of April support the exchange rate of the Russian ruble."
The Russian national currency, the ruble, has strengthened against the euro and US dollar on Monday, reaching its highest level against the European single currency since April 8, trading data from the Moscow Exchange shows.
— Dale kalamazad (@DaleKalamazad) April 18, 2022
Bogdan Zvarich, the chief analyst at the Banki.ru financial platform, said that increased demand for ruble liquidity from exporters ahead of tax payments might be the principal factor supporting the ruble.
Since April, the Russian currency has been gaining ground against major currencies amid Russia's scheme establishing a ruble-based mechanism to pay for gas exports.
Previously, as a result of sanctions imposed on Moscow following its special military operation in Ukraine, the ruble had fallen to record lows. It fell to 150 to the dollar back in early March, though it has nearly doubled in value since then.
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