The ruble started a major counter-offensive: the Central Bank of Russia's "exchange rate defense war" is beginning to bear fruit?

In the battle between the West and Russia in the financial sphere, the ability to stabilize the ruble exchange rate has been a key measure of Russia's ability to finally withstand the pressure of European and American sanctions. The European and U.S. freeze on the Russian central bank's foreign exchange reserves pretty much declares that Russia cannot intervene directly in the movement of the ruble in the foreign exchange market. However, the trend of the foreign exchange market in the past month seems to prove that the West wants to completely break the ruble "defense", can not be so easy!

In recent trading days, the ruble's big counter-offensive "trumpet" continues to blow in the foreign exchange market. Data from the Moscow Exchange on Monday showed that the ruble exchange rate moved higher for the sixth consecutive trading day, and the dollar-ruble exchange rate fell below the 90 mark for the first time since March 1.

This signals that the ruble-dollar exchange rate is now just about 10 percent lower in the domestic Russian market than it was before the full-blown Russian-Ukrainian conflict broke out.