The euro fell to its lowest level since 2017 on Wednesday as investors became increasingly concerned about global growth and inflation prospects, while stock markets also fell.
On the other hand, according to Reuters, the dollar rose by 4,3% in April and is on track for its best month since January 2015, driven by rising expectations for an aggressive rate hike by the Federal Reserve in the coming months and the better course of the US economy in relation to the eurozone.
Investors reject the euro and on Wednesday fell below $ 1,06 with another half percent drop.
Analysts say it is hit by the war in Ukraine and growing concerns about the European bloc's economic downturn this year.
At the same time, the ruble strengthened after Russia announced that it had cut off gas supplies to Bulgaria and Poland, and had stabilized at a high of more than two years against the euro in Moscow trading with the prospect of impending income tax payments.
At 11.31 (Cyprus time), the ruble had risen 1,1% to trade at 76,00 against the euro, reaching a high of more than two years earlier at 75,90. It was 1% stronger than the dollar at 72,82.
The suspension of gas supplies to some European countries could worsen geopolitical tensions and further worsen relations with Europe, with a negative impact on the economic climate, Veles Capital said in a note.
However, analysts at Promsvyazbank said corporate income taxes paid on Thursday could prevent the dollar from strengthening sharply against the ruble.