Russian rouble weakens vs US dollar

MOSCOW: The Russian rouble weakened on Friday after surging to a two-year high in the previous session, mostly on optimism over a new round of talks between Russia and Ukraine, which may take place in Istanbul next week.

By 0850 GMT, the rouble was down 2.7% at 79.00 per US dollar, LSEG data based on over-the-counter quotes showed. On May 29, the rouble closed at 76.90, its strongest since May 2023.

Russia has proposed holding the next round of direct talks with Ukraine in Istanbul on June 2. The rouble has firmed by more than 40% against the dollar this year, a rise analysts have attributed to the easing of geopolitical tensions.

Analysts on Friday questioned the market’s optimism on talks in Istanbul.