Russian ruble jumps even as the US dollar slams other global currencies and Putin escalates the war on Ukraine

The ruble was an outlier as it continued to weaken against the US dollar.

Russia's native currency gained 4.5% against the dollar and reached a high not seen in more than two months. The ruble's performance was the best since July.

The ruble fell earlier in the week due to Russia's deployment of more troops into Ukraine and the threat of nuclear weapons by Putin.

The ruble has appreciated in value several times this year. Russian capital controls were put in place after the invasion of Ukraine. The ruble went from being one of the weakest to being the strongest this year.

The US dollar index hit a new 20-year high on Friday in response to the Fed's rate hikes. When the central bank raises rates, the dollar tends to go up. Fears of a recession push investors to look for safe haven in dollar denominated assets.

The dollar index is gaining on other currencies. On Friday, the British pound hit a 37 year low against the dollar.