(Reuters) – The Russian rouble climbed above 63 dollars in Moscow Friday, the highest level since February 2020. It also reached a new five-year high against the euro. This was supported by continued restrictions on currency trading.

Due to the artificial support Russia provided by capital controls to protect its financial sector, this year’s rouble is now the best performing currency in the world.

At 0723 GMT the rouble stood steady at 63.32 against the dollar, having touched 62.6250 earlier, marking its strongest point since Feb. 5, 2020. But banks continue to offer to buy roubles in much lower amounts.

Promsvyazbank analysts stated that the Russian ruble would rise early Friday but it will likely rebound towards 65 USD towards the close of the session, as market participants take positions heading into Saturday.

To trade at 65.80 against the euro, the rouble lost 0.8%. It was also moving away from 64.9425 which it touched in early trading. This was the strongest it had been since mid-2018.

Export-oriented companies are the ones driving the rouble. They have to convert foreign currency revenue. However, demand is low as Russia’s imports have declined due to disruptions in logistics and severe Western sanctions.

On Thursday, President Vladimir Putin cited the rally of the roubles as an example for Russia’s good performance in spite of sanctions.

Russian stock indexes fell.

RTS, a dollar-denominated index, was at 1,136.8points. It had previously reached its highest point since February 22, when it fell 0.3%. At 2,287.9, the MOEX Russian index, which is based on roubles was 0.4% lower.

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