The dollar exchange rate on the Moscow Exchange fell below 55 rubles for the first time since June 2015, trading data showed on Tuesday.

At 0719 GMT, the ruble was 1.1 percent stronger against the dollar at 55.01. It earlier touched 54.83 per dollar, its strongest mark in seven years.

Against the euro, the currency gained 1.8 percent to trade at 57.80, nearing a multi-year high.

The ruble, which has become the world's best-performing currency this year, is steered by Russia's high proceeds from commodity exports, a sharp drop in imports and a ban on households withdrawing foreign currency savings.

(With input from Reuters)