The ruble is so strong, it could hurt Russian businesses, official warns

Russia's ruble is so strong it could hurt the country's businesses that rely on exports, the country's minister of economic development warned Wednesday.

After hitting all-time lows in the first weeks after Russia sent troops into Ukraine in late February, the ruble has mounted a stunning recovery, this month reaching its highest exchange rate since May 2015.

The Russian Central Bank's official exchange rate Wednesday was 52.9 rubles to the dollar. Although the rate is seen by some as a sign Russia is weathering Western sanctions, the strong ruble makes Russian exports more expensive.