Ruble Reacts Positively to Putin's 2018 Presidential Bid

After Russian President Vladimir Putin announced his decision to take part in Russia's 2018 Presidental elections, the Russian ruble has slowed its decline against the US dollar and the euro.

Earlier in the day, before Putin's statement, the dollar and the Euro were showing strong gains against the ruble. In particular, the dollar exchange rate before Putin's  statements was 59,16 per ruble, and after it fell to 59.08. The Euro also slowed the growth down from 69,84 per ruble to 69,63.

On Wednesday, Vladimir Putin announced his intention to run in the presidential elections in 2018. Putin was first elected as Russian President in March 2000, and in 2004 was re-elected to this post. From 2008 to 2012 he worked at the post of Prime Minister, while Dmitry Medvedev was the head of the state. In 2012 Putin was elected for the third time as Russian President.

READ MORE: Putin to Announce Decision on 2018 Presidential Election Participation Soon

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the situation in eastern Ukraine.

Crimea rejoined Russia in March, 2014 after the peninsula's referendum. According to the Russian official stance, the referendum was conducted in accordance with the international law. However, the reunification was not recognized by the Ukrainian authorities along with the majority of Western countries, in particular, US and EU member states.