Bank of Russia's First Deputy Governor on ruble appreciation

The first-quarter ruble appreciation was mainly caused by foreign trade revenue inflows, Bank of Russia's First Deputy Governor Ksenia Yudaeva said.

"That is why the first-quarter ruble appreciation was mainly caused by foreign trade revenue inflows and had much less to do with currency carry trade," Sputnik cited Bank of Russia's First Deputy Governor as saying.

"The main foreign revenue inflows in the first quarter of this year were related to the current account, which amounted to $22.8 billion," she said.

The Carry Trade is a popular trading strategy where investors/traders sell or borrow assets with lower yielding interest rates to fund or buy higher yielding assets.