Russia's ruble continues to rally despite Moscow easing a key capital control, pushing the world's top-performing currency even higher against the dollar

• Russia's ruble gained on the dollar for the fifth straight day even as Moscow eased a key capital control.
• Belarus's president warned Putin to be careful not to let the currency strengthen too rapidly, Bloomberg reported.

Russia's ruble is having a banner year against the dollar and continues to climb even as Moscow dials back a capital control that was imposed to offset the effects of Western sanctions.

The ruble was up 2.6% versus the dollar on Tuesday and has gained 13% over the past five days, hitting a four-year high of 56.3925, per Bloomberg data.

"The ruble is strengthening at a crazy pace," Belarus President Alexander Lukashenko said at a meeting with Russian President Vladimir Putin on Monday, according to Bloomberg. "We need to be careful not to overdo it."

In a bid to slow the currency down, the central bank will allow Russian exporters to convert 50% of their hard-currency revenue to rubles, down from 80% when Putin's war on Ukraine began.

Amid the Kremlin's wartime market parameters, the ruble is roughly 30% stronger against the dollar than it was before Russia invaded Ukraine, and it's become the world's top-performer against the greenback after plunging to less than a penny in March.

Still, Moscow faces a steep task of generating demand for the currency right now, according to one ITI Capital analyst.

"Due to low liquidity on the currency market exporters actually sell no more than 50% of currency from export transactions," Iskander Lutsko told Bloomberg Tuesday. "In the current environment, it is extremely difficult for the central bank to stimulate demand for currency due to restrictions on currency purchases by individuals and falling imports."

Thanks to the currency's appreciation, Russian exports have become less attractive for buyers outside Russia, as they've become more expensive, while imports have become cheaper.