MOSCOW: The Russian rouble hit new highs against the US dollar and China’s yuan on Friday after a top US official said Russia could win some relief from US sanctions based on its willingness to negotiate an end to its war in Ukraine.
At 0830 GMT the rouble was up 1.3% at 87.50 against the dollar in the over-the-counter market, the highest since September 3. US Treasury Secretary Scott Bessent indicated on Thursday that such a relief was possible.
The rouble surged past the 12 mark against the Chinese yuan to trade on the stronger side of the mark for the first time since September 3 in Thursday’s trading session at the Moscow Stock Exchange (MOEX). It traded at 12.04 to yuan on Friday.
“Speculative sales amid rapidly growing expectations of a reduction in geopolitical costs were the driver. We believe that the trend towards the strengthening of the rouble will continue,” said analyst Denis Popov from PSB bank.
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