MOSCOW: The Russian rouble rose slightly against the U.S. dollar on Wednesday after Russia said a Black Sea safe navigation deal is subject to the lifting of Western sanctions on food and fertilizer exports and other conditions.
By 0830 GMT, the rouble was up 0.5% at 84.20 against the dollar in the over-the-counter market. The Russian currency is up more than 25% this year.
The rouble’s rally since the start of the year has been fuelled by expectations of a peace settlement in Ukraine and easing of tensions between Russia and the United States.
Analysts said that due to lower global prices for oil, Russia’s main export commodity, and stronger imports, the rouble was likely to weaken if there is no major progress towards an end to fighting in Ukraine.
“A devaluation of the national currency is still not expected since the external environment is not right for it now, but in April, foreign currency exchange rates may be stronger,” BCS brokerage analysts said.
Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was down 0.4% at 11.53 on the Moscow Stock Exchange.
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