Russian rouble strengthens ahead of Trump-Putin talks

MOSCOW: The Russian rouble strengthened on Monday ahead of an expected telephone conversation between U.S. President Donald Trump and Russian counterpart Vladimir Putin.

Trump said he planned to speak to Putin on Tuesday and discuss ending the war in Ukraine, after positive talks between U.S. and Russian officials in Moscow.

By 0840 GMT, the rouble was up 1.2% at 84.50 against the dollar in over-the-counter market trade. It had reached 83.37, its strongest level since June 27, 2024, on March 14.

Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was up 2.0% to 11.56, also the highest level since June 27, 2024, in trade on the Moscow Stock Exchange (MOEX).

The rouble is up against the dollar this year, mostly thanks to expectations of improved ties between Moscow and Washington. Analysts said the rouble’s rally was nearing its limit.

Russian rouble steadies vs dollar

“The main positive factors for the rouble appear to have run their course,” said analysts from BCS brokerage, emphasizing that inflows of foreign currency are weakening, while imports may increase in the coming weeks.

The currency’s strengthening could have some bearing on the central bank when it meets on March 21 to set interest rates, currently at 21%.